A week after India and Australia inked the Economic Cooperation and Trade Agreement, Corporate Affairs Minister Piyush Goyal dubbed it “equitable and balanced” and “a message of unity to the world”.
On April 2, the ECTA was signed in a virtual ceremony attended by Prime Minister Narendra Modi, his Australian counterpart Scott Morrison, Indian commerce minister Goyal and his counterpart Dan Tehan.
The move, signed through the interim agreement, will benefit Indian exporters from over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery. The pact was inked as India and Australia relations went for 10 years in the making.
‘India-Australia Agreement Has Sweetened Our New Year’
In an exclusive interview to CNN-News18, Goyal said that the extent of stakeholders’ participation is “humongous”. “Our agreement is equitable and balanced. Under PM Modi’s guidance the extent of stakeholders’ participation is humongous. Around 175 – 200 engagements were done before deciding on this agreement. We have taken careful note of our defensive positions. They want to welcome our ideas, youth, IT etc. It’s a day of celebration as we start the new year. PM Modi has sweetened our new year starting,” he said.
Speaking on increasing trade engagements with developed nations, Goyal said, “PM Modi has earned the trust of business leaders and political leaders of the world. Developed countries want to expand their engagement with India. They want to utilise the huge opportunities that India has to offer them. In terms of goods, services, health products, engineering components etc. High quality at attractive prices.”
India Being Looked at as an Alternative to China?
The Commerce Minister said that today “India means business”. “Clearly, the shift is there for all to see! That is why countries are wanting to expand much faster. Messaging down the line is clear, that India today means business. Prosperity will come with international trade and it’s never one way. It requires greater degree of openness and transparency in terms of partnerships,” he said.
Further, he called the India- Australia ECTA a “signifying unity is a message to the world” as it will be a “template on which developed world will be able to engage with India”.
India’s Stand in Ukraine-Russia War
Goyal revealed that India has never been an aggressor. “In the last QUAD meeting, Australian PM Morrison was the most understanding about India’s balanced approach. India has never been an aggressor,” he said.
Time Span of the Agreement with Australia
“Four odd months as Parliamentary approvals are pending in Australia. They have elections coming up. But they are happy with the agreement. It’s a strategic relationship. Most importantly, my business delegation will be going to Australia with me next week. Similar to the one we did in UAE last week which brought out amazing results,” Goyal said.
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