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Union Minister of Commerce Piyush Goyal, on Tuesday, called on the steel industry to make the best use of the India-Australia Economic Cooperation & Trade Agreement (ECTA) Agreement and look at capturing new opportunities in that country.
He was speaking at the 3rd edition of ISA Steel Conclave in New Delhi today.
Describing the passage of the India-Australia Economic Cooperation & Trade Agreement (ECTA) by the Australian Parliament as a remarkable achievement, Goyal said under the leadership of Prime Minister Narendra Modi, India was engaging with developed nations from a position of strength.
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Developed countries recognise that the Indian economy would drive world growth, he added.
The minister highlighted that post-agreement with Australia, all steel exports to Australia would become duty-free. He urged the industry to look at capturing new opportunities in Australia. Trading agreements with developed countries would usher in new opportunities for India’s youth, and businesses across sectors.
Goyal stated that the steel Industry was a major stakeholder, contributing significantly to the export earnings. He noted that many Indian steel companies were top world-class steel suppliers. High-Quality products like engines and valves made from Indian steel were a testimony to the quality of steel that the steel industry was producing. He urged them to strive to develop Brand India and observed that the steel industry was the low-hanging fruit in India’s integrated efforts to create global recognition of Indian products.
The minister applauded the steel Industry for the remarkable work done by it during the Covid period.
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