“India is an essential partner as we diversify our trade links to boost prosperity for all Australians,” Australian Prime Minister Anthony Albanese said.
“This roadmap is critical to helping us fully realise our potential with India, which will be a boon to Australia’s economy, our businesses and jobs, and our prosperity,” he said.
The roadmap released by Albanese’s office also identifies nearly 50 specific opportunities to focus and accelerate Australia’s engagement with India in several areas such as defence industries, sports, culture, space, and technology.
To help kick start this ambitious plan, Canberra is investing USD 16 million for an Australia-India Trade and Investment Accelerator Fund, which will help Australian businesses unlock new commercial opportunities in India. “Growing Australia’s economic security and diversifying our partnerships is a key element of our statecraft and central to our national interest,” Australian Foreign Minister Penny Wong said. “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,” she said.
Australia’s Trade and Tourism Minister Don Farrel, in his comments, referred to the rich and diverse Indian community in that country with strong personal and economic ties.
“The potential of our relationship with India is almost unmatched, opening a fast growing market of over 1.4 billion people,” he said.
“The roadmap, the result of significant consultation with businesses and the community, offers a blueprint for Australian businesses to seize this extraordinary opportunity,” he added.
The Australian government also announced plans to invest an “extra USD 4 million” for its Maitri (‘friendship’) Grants programme to enhance the people-to-people, business-to-business and cultural links between the two nations.
“Our free trade agreement with India has saved Australian businesses hundreds of millions of dollars and is on track to save exporters around USD 2 billion in tariffs by the end of the year,” it said in a statement.
It said the savings are having a direct impact for Australians, reducing costs at the checkout and creating local jobs.
Australia continues to make progress in its negotiations with India on a new free trade agreement, which will unlock even more trade opportunities for Australian business, it said.
