Exports of services to Australia are expected to more than double to $5 billion in the next five years as a result of the trade pact signed between the two countries, the Services Exports Promotion Council (SEPC) said Friday.
SEPC chairman Sunil H Talati said sectors that will greatly benefit from the pact are telecommunications, computing, information, travel, research and development, professional and management consulting services. India and Australia signed an Economic Cooperation and Trade Agreement (ECTA) on April 2 to strengthen economic ties.
“SEPC expects exports to reach USD 5 billion by 2027 from the current USD 1.9 billion,” Talati said. He added that the council will be the focal point for creating and promoting business opportunities for the Indian services sector in Australia under the given framework of the pact. “SEPC will host a series of activities and outreach programs on ECTA, followed by sector-specific business delegations to Australia,” he added.
Trade and Industry Minister Piyush Goyal led one of the largest trade delegations to Australia shortly after the pact was signed.
The delegation consisted of industry representatives from most of the Export Promotion Councils and senior government officials.