Services exports to Australia likely to reach $5 bn by 2027: SEPC

Services exports to Australia are expected to more than double to USD 5 billion in the next five years on the back of the trade pact signed between the two nations, the Services Exports Promotion Council (SEPC) said on Friday. SEPC Chairman Sunil H Talati said that sectors that will be benefited immensely from the pact include telecommunications, computer, information, travel, research and development, professional and management consulting services.

India and Australia on April 2 inked an economic cooperation and trade agreement (ECTA) to boost 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 nodal organisation for creating and promoting business opportunities for India’s services sector in Australia in the given framework of the pact.

“SEPC will be organising a series of activities and outreach programmes on ECTA followed by sector-specific business delegations to Australia,” he added.

Commerce and Industry Minister Piyush Goyal led one of the largest trade delegations to Australia shortly after the signing of the pact.

The delegation comprised industry representatives from most of the Export Promotion Councils and senior government officials.