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Market News
$50 billion trade under India-Oz ECTA seen: Piyush Goyal
Dec 30, 2022
Commerce and industry minister Piyush Goyal on Thursday said that conservatively, India is looking at trade worth $50 billion with Australia over the next five years. At an event in Mumbai to mark the India-Australia Economic Cooperation and Trade Agreement (ECTA) coming into force, he also said that the government has talked about promoting sports, upgrading sports facilities in India, and the wine industry besides the traditional sectors.
'We expect bilateral trade to grow to $50 billion in the next 4-5 years but our vision is to grow in non-traditional areas as well such as sport goods and wine industry,' he said.
The minister emphasised that sensitive areas have been kept out of the pact and India’s dairy and farmers are protected.
'This will also eliminate the double taxation on IT services that was making us less competitive. Going ahead, my guess is we will save a billion dollars every year, maybe 5-7 years down the road,' Goyal said.
It will come into effect from April 1.
Goyal also said that India hopes to sign two free trade agreements (FTA) next year.
'We hope this calendar year gives us a couple of good news as for trade agreements,' he said, referring to a trade pact with the UK and an Early Progress Trade Agreement with Canada.
He said negotiations are scheduled with the UK, EU and Canada next month.
'The trade deal (ECTA) was signed on April 2 and the negotiations were completed in record 88 days. This is an agreement negotiated with the speed of Brett Lee and the perfection of Sachin Tendulkar,' he said.
Goyal said that even before officials from India and Australia could begin their meeting in New Delhi on September 30, 2021 and announce the re-launch of negotiations, the ministers from the two sides had already brokered an understanding over coffee and lunch.
After handing over certificates of origin to the first among the Indian goods being sent to Australia after the agreement, Goyal said the ECTA will benefit a slew of sectors, including textiles, gems and jewellery and also information technology, which gets aided by the dropping of double taxation.
'They don’t have much of a manufacturing base and are largely dependent for imports. Their largest imports come from on a country who is not very friendly right now. So, they’re very keen to expand to an alternate and powerful large manufacturing base like india,' Goyal said.
'We’re discussing how to expand investments in the two countries and improve mobility,' he said on being asked about expansion of the ECTA to a full fledged FTA.
The agreement is a win-win document that has the complementarities as its fundamental building block, Goyal said, adding that India will get access to cheaper raw materials like coal from Australia while the finished Indian goods will have a market there.
ECTA allows 98% of the Indian exports by value to enter Australia duty free.
On being asked about former chief economic advisor Arvind Subramanian’s comments that tariffs hurt the government's production-linked incentive scheme, the country's inward-looking attitudes on trade and the disservice done to Indian enterprise by the government's urge to create national champions in the industry by promoting specific groupings, Goyal said:
"The former CEA believes in completely opening up all businesses to free trade.
We believe that it is important that we calibrate the opening up so that Indian industry gets enough time to mature, develop themselves and be able to compete on fair terms. So, PLI is that kickstart.'
'We are doing a calibrated opening up, supporting industry wherever required,' he said.
RCEP exit
The Regional Comprehensive Economic Partnership (RCEP), which India walked out of in 2019, would have become a free trade agreement with China in effect, Goyal said.
'It would've been death knell because it was nothing but a free trade agreement with China and we would have thrown Indian industry to unfair competition from a non-transparent economy like China. Indian industry was petrified,' he said, terming India’s exit an 'economically prudent and wise' decision.
As of now, with the agreement with Australia, India has separately struck trade agreements with 13 of the 15 countries in the RCEP, while only New Zealand and China remain.
'With New Zealand, we have very small trade though they are very keen to do an agreement with India but we don’t have the bandwidth to do one more agreement,' he said.
economictimes.indiatimes.com
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