Nearly 10 Lakh Jobs Will Created in India – Minister Piyush Goyal on Ind-Aus ECTA!! Union Commerce Minister Piyush Goyal has said that the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) will create 10 lakh jobs. Especially textiles, jewelry, and medical sectors are expected to get additional benefits from the agreement.
Now, reports have revealed that ECTA has been finalized after thorough stakeholder consultations and the deal has been unanimously accepted by all parties. It has also been reported that 100 percent tariffs will be eliminated through the Ind-Aus ECTA. Regarding this, Minister Piyush Goyal said, ’10 lakh jobs can be created in India as labor sectors will benefit from the Ind-Aus ECTA agreement. He said that this will promote start-ups and create investment opportunities.
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The agreement signed on April 2, 2022, will come into force on a date convenient to both countries after the completion of domestic processes, India’s Ministry of Commerce and Industry said in a statement. Once the agreement comes into effect, the initial volume of trade between the two countries is projected to rise to around $45-50 billion over the next five years.
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