India and Australia's bilateral trade should be increased to USD 100 billion by 2030, said to Commerce and Industry Minister Piyush Goyal, from the current level of about USD27.5 billion.
Goyal, who is in Australia on a three-day visit, said the two countries are already nearing an agreement on further educational partnership.
On April 2, India and Australia signed the Economic Cooperation and Trade Agreement (IndAus ECTA), which allows both nations to offer duty-free access to a large number of goods while also simplifying regulations to stimulate service trade.
"I believe that our teams should break down the connection into sectors to see how we can grow it... Let's be a little more ambitious and aim for USD100 billion in engagement by 2030... So, in eight years, we'll have quadrupled our relationship "On Tuesday, Goyal stated.
To encourage services trade, both countries are looking into things like dual degrees and negotiating mutual recognition agreements. Education, research, entrepreneurship, and agritech, according to Goyal, are sectors where both countries can collaborate more effectively.
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