The India-Australia trade pact will raise bilateral trade from the present $26-27 billion to $100 billion by 2030, much faster than the initial expectation of rising to $50 billion in five years., Minister of Commerce and Industry Piyush Goyal said today.

The excitement generated by the agreement has increased business optimism on both sides, he said while addressing the University of Melbourne along with his Australian counterpart  Dan Tehan in Melbourne. The Indian minister is currently on a visit to Australia.

“Together this marriage can truly have far-reaching dimensions for both our economies and, if I dare say, for the rest of the world also where we can collectively engage and have an outreach to other parts of the world,” Goyal said.

The minister invited Australian businesses to invest in India. “We offer you transparency. We offer you our trust, rule of law. We are two democratic nations, two people who love sports, both are members of the Commonwealth,” he said.

The minister also addressed members of the business community from both countries at the Melbourne Cricket Ground.

Goyal said India and Australia have complementarities that can benefit both countries, – India’s huge market and Australia’s investible surplus. He said the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) will unlock the huge market of almost 1.4 billion consumers in India to Australian industries.

“We are now One, that’s what the Unity Agreement is all about. And at this watershed moment in our relations, I think it’s only appropriate that we break every barrier between the two countries whether it’s the movement of goods, services, people, technology, education, science, medical knowledge, we break these barriers, see how we can work together as true brothers,” he said.

Goyal said there is huge potential in areas like textiles, pharma, hospitality, gems and jewellery, IT, Startups etc. and Accountancy in Services, which will create huge employment in both countries.

“Let’s see some more Tasmania lobsters in New Delhi possibly, or wine from South Australia coming down into Indian shelves, we’ll probably have a lot more Bangaloreans coming down to Melbourne to serve you in your IT space, we’ll have a lot more jewellers from Prime Minister’s home state of Gujarat, from Surat coming down to sell their wares in the stores in Australia, lots to do together, lot of potential in different areas. I hope this partnership will grow and we will all grow along with this partnership,” he added.