India-Australia ECTA to create 1 mn jobs in next 4-5 years: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Thursday said that India-Australia Economic Cooperation and Trade Agreement (ECTA) will create around 10 lakh jobs in the next 4-5 years.

Talking with ANI, Goyal said, "Economic Cooperation and Trade Agreement (ECTA) between India and Australia will help us create about 10 lakh jobs in the next 4-5 years, but won't be surprised if it exceeds further. Indian students will get work visas to work in Australia.

The newly signed trade pact with Australia is expected to take bilateral trade from the existing USD 27 billion to nearly USD 45-50 billion in the next five years and the government expects one million jobs to be created in India in the next four to five years.

Both countries inked the India-Australia Economic Cooperation and Trade Agreement (ECTA) on April 2.

ECTA is the first trade agreement of India with a developed country after more than a decade and provides for an institutional mechanism to improve trade between the two countries.

Union Commerce Minister further stated that the trade deal with Australia will open new avenues for India.

"A trade deal with Australia will open the doors to the developed world, help us reach new markets," said Goyal.

He said that the deal was made after ten years and was the first free trade agreement of India with the developed world.

"We have finally made a free trade agreement with a developed nation after ten years. It's also an important milestone in our journey because now Indian industry is prepared to compete with the rest of the world from a position of strength, is now much more self-confident than ever before," said Goyal.

He also informed that India made the highest ever export in its history this year which is USD 418 billion.

"Quality conscious, our pricing is very competitive, our overreach all over the world has increased. We have the highest ever export in Indian history this year which is USD 418 billion. This shows that India is now ready to engage with the world from a position of strength," said Goyal.