Mr Goyal, who is in Australia for a three-day visit, disclosed that both countries are now keen to boost bilateral trade relation which is currently valued at over $30 billion.
Highlights:
- India, Australia should look at over $130 billion in bilateral trade by 2030: Goyal
- Indian commerce minister on a three-day visit to Australia with a large business delegation
- India and Australia signed the Economic Cooperation and Trade Agreement (IndAus ECTA) on 2 April
On 2 April, India and Australia signed the Economic Cooperation and Trade Agreement (IndAus ECTA) under which both the countries eased norms to promote trade in services and goods.
Indian Commerce Minister Piyush Goyal speaking at an event held on Wednesday in Melbourne Cricket Ground. Source: SBS Hindi
"The world is going through tumultuous times, been grappling with Covid-19 and other situations which are a cause of serious concern for all of us," Mr Goyal said.
"But within those boundaries of problems, I think the fact that India and Australia have demonstrated a unity of mind, purpose and a shared commitment to come together...certainly we would love to see this relationship grow over the years," Mr Goyal told a crowd of business leaders and government officials at a luncheon meeting held at Melbourne Cricket Ground on Wednesday.
Commenting on the recently signed trade agreement, Mr Goyal said that the move was going to benefit the people of the two nations and expand opportunities at both ends.
He said even though the agreement was signed a bit late but its "better late than never."
"This agreement will help secure a better future.It will be good for both sides and various elements of life, whether it is tourism, health, or education," Mr Goyal added.
Industry experts and officials attending an event organised by Australia India Chamber of Commerce (AICC) at MCG on Wednesday. Source: SBS Hindi
"We had set out at a modest target of almost $45-50 billion for the two-way trade but after the successful negotiations and looking at the enthusiasm, I am committed and absolutely confident that we should not aim for anything small," Mr Goyal said, adding that he is keen to see the target at over $130 billion by 2030.
The minister was attending an event organised by the Australia India Chamber of Commerce (AICC) along with the Indian business delegation.
Present on the occasion were Australian Trade Minister Dan Tehan, Indian High Commissioner Manpreet Vohra, former Victorian Premier Ted Baillieu and Austrade's General Manager for South Asia Catherine Gallagher.
Australian Trade Minister Dan Tehan speaking at the luncheon meet organised by Australia India Chamber of Commerce at MCG on Tuesday. Source: SBS Hindi
Welcoming the Indian minister, Mr Tehan said, "It goes to show the spirit in which this negotiation has taken place."
'On both sides, there has been a real commitment to getting the job done in the interest of both nations," Mr Tehan added while commenting on the recently signed agreement with India.
"The minister [Mr Goyal] mentioned earlier that he wants to see the two-way trade to grow over $130 billion and I think that is the target," Mr Tehan said.
"What we have the opportunity to do is enhance the partnership so the geostrategic environment of the Indo-Pacific is one where two nations continue to thrive, one which we can integrate the two economies even further," he stressed.
Mr Goyal also visited the Shiva Vishnu Temple in Melbourne and attend a community event with the Indian diaspora.
In Sydney on 7 April, Mr Goyal interacted with students of the University of New South Wales (UNSW) and also met business leaders of both sides.
Attending a meeting organised by the Business Council of Australia, Mr Goyal told business leaders that IndAus ECTA will help double bilateral trade in the next 5-6 years and "by 2030 the two sides must aspire for a $100 billion bilateral trade target."
Mr Piyush Goyal addressing business leaders in Sydney during his official visit on 7 April. Source: Supplied by Natasha Bhaskar Jha
“You can actually take your technologies, take the wonderful innovations that you are generating out your laboratories, research institutions or universities to a large market like India, use the talent and skills that Indians offer, possibly to Make in India for the large Indian population and for the world, - Make in India for the World,” he said.
Present on the occasion, CEO of Newland Global Group Dipen Rughani said “It is important to note that in any trade deal, governments can open the door, but it is up to the business to find the courage to walk through it and strategise and capitalise on existing opportunities. The governments have delivered."
Australia is the 17th largest trading partner of India and India is Australia's ninth largest trading partner.
