India-Australia trade agreement to greatly benefit MSMEs: Piyush Goyal

The interim pact between India and Australia, also known as Economic Cooperation and Trade Agreement (ECTA), has the potential to double bilateral trade to $50 billion in half a decade

Small businesses are set to directly benefit from the elimination of import duties from Australia, Commerce and Industry Minister Piyush Goyal said at the launch of the interim trade pact between both nations.

“Micro, small, and medium enterprises (MSMEs) are one to create jobs and use the benefit of the duty becoming zero as MSME accounts for the majority of our exports,” Goyal said.

The interim pact, also known as the Economic Cooperation and Trade Agreement (ECTA), has the potential to double bilateral trade to $50 billion in half a decade. The trade deal was signed on April 2 and the negotiations