Goyal urges steel industry to make best use of India-Australia ECTA Agreement

22-11-2022

New Delhi, Nov 22 (UNI) Union Commerce Minister Piyush Goyal on Tuesday urged steel industry to make best use of the India-Australia Economic Cooperation and Trade Agreement (ECTA) Agreement and look at capturing new opportunities in Australia. 

Speaking at the 3rd edition of ISA Steel Conclave here, he said , "Post agreement our steel exports to Australia will become duty free." 

He urged Industry to make best use of the agreement and look at capturing new opportunities in Australia. 

He said these trading agreements with developed countries will usher in new opportunities for our youth, businesses across sectors. 

Goyal stated that steel industry is the major stakeholder, contributing significantly to the export earnings. 

He noted that many Indian steel companies are top world class steel suppliers. 

The minister applauded steel industry for remarkable work done by them during Covid period. 

Goyal opined that the steel industry has a significant growth potential and urged them to achieve the target of 300 million tonnes by 2030. 

He said with large investments coming in future, Industry will continue to prosper and grow. 

On withdrawal of export duty on steels and various steel products, Goyal explained that duty was imposed as a temporary measure to maintain price stability and maintain growth momentum in the country. 

He said these actions taken by the government have resulted in reining in inflation.