Australia charts plan to boost trade, investment in India

Australia has outlined strategies to expand trade, improve investment, and create jobs in partnership with India, as detailed in A New Roadmap for Australia’s Economic Engagement with India, released on Wednesday.

The roadmap focuses on four sectors: clean energy, education and skills, agribusiness, and tourism, while identifying nearly 50 areas in which India and Australia can collaborate such as defense industries, sports, culture, space, and technology.

“India is an essential partner as we diversify our trade links to boost prosperity for all Australians. This roadmap is critical to helping us fully realize our potential with India, which will be a boon to Australia’s economy, our businesses and jobs, and our prosperity,” Australian Prime Minister Anthony Albanese said.

The roadmap builds on the plan made in the 2018 India Economic Strategy to 2035. For this, Australia will invest $16 million in an Australia-India Trade and Investment Accelerator Fund, which is expected to help businesses access commercial opportunities in India.

An additional $4 million will be allocated to the Maitri Grants program to boost business, cultural, and people-to-people links.

According to the Australian government, the initiative improves the current free trade agreement, which has already saved Australian businesses hundreds of millions of dollars.

By the end of the year, it is expected to cut export taxes by about $2 billion. Talks for a new trade deal are also underway to create more business opportunities.

“By boosting our economic ties with India, we are not only creating more jobs and opportunities for Australians, we are advancing our shared interest in a peaceful, stable and prosperous Indo-Pacific,” Minister for Foreign Affairs Penny Wong said.

Meanwhile, Trade and Tourism Minister Don Farrell said that India offers a huge and fast-growing market of over 1.4 billion people. The roadmap provides a plan for Australian businesses to make the most of this great opportunity, he added.