India-Australia trade to double to US$ 100 billion in 5 years

India's trade deficit with Australia has decreased by 15% since implementing the trade agreement

January 19, 2024

Australia could be crucial in supporting India's mineral security goals and pursuing sustainable growth and carbon neutrality

Progress in negotiations on the Comprehensive Economic Cooperation Agreement (CECA) and anticipated a surge in Australian investment in India in the coming years

Australia offers tangible benefits for Indian businesses, including access to critical raw materials at competitive prices and preferential rates for Australian market access.

Timeliness of the compendium of case studies and its role in guiding businesses to leverage trade agreements and partnerships

The bilateral trade between India and Australia, encompassing goods and services, has surpassed USD 48 billion and is anticipated to double to nearly US$ 100 billion in the next five years, as stated by Ms Majell Hind, the Consul General of Australia in Mumbai. Addressing an event organised by the Indo-Australian Chamber of Commerce (IACC), in collaboration with The Australian Consulate-General Mumbai, Newland Global Group, World Trade Center Mumbai, and the All India Association of Industries, Ms Hind highlighted the positive impact of the recently signed trade agreement. She noted that India’s trade deficit with Australia has decreased by 15% since implementing the pact.

Ms Hind emphasised the strategic partnership potential between India and Australia in critical minerals such as Lithium, Cobalt, and other rare minerals. She expressed that Australia could be crucial in supporting India’s mineral security goals and pursuing sustainable growth and carbon neutrality.

Furthermore, Ms Hind remarked on the historic peak in India-Australia bilateral relations, noting a 50% growth in bilateral trade over the last two years, driven by the Economic Cooperation and Trade Agreement (ECTA). She underlined the tangible benefits for Indian businesses, including access to critical raw materials at competitive prices and preferential rates for Australian market access.

The event marked the launch of a compendium of case studies titled “Advocating Business Success between Australia and India.” Compiled by Newland Global Group and supported by the Australian Government’s Department of Foreign Affairs and Trade and the Centre for Australia-India Relations, the compendium showcases the business journeys of 26 companies across various sectors.

Monika Kennedy, Senior Trade and Investment Commissioner, Austrade in Mumbai, highlighted the substantial interest from companies in both countries to engage in business. She mentioned progress in negotiations on the CECA  and anticipated a surge in Australian investment in India in the coming years.

Ms. Petula Thomas, CEO of the Indo-Australian Chambers of Commerce, stated the timeliness of the compendium of case studies and its role in guiding businesses to leverage trade agreements and partnerships. 

Source: Economic Times

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