December 18, 2020
India is easing FDI norms and opening up sectors for increased investment across industries
Increasing the volume, quality, and balance of trade activities is the main focus of the India-Australia relationship
The new strategy report furthers collaboration efforts, thereby improving flexibility in trade
India has emerged as one of Australia’s key international partnerships in the last decade
Union Minister, Shri Piyush Goyal, has launched the India-Australia Economic Strategy Report at a recent Confederation of Indian Industry (CII) session focused on enhancing the bilateral economic and trade relationship shared between the two countries, commenting on the immense scope for Australian investment into India. According to an official Ministry of Commerce & Industry release on December 18, Shri Goyal addressed the easing of FDI norms in India as well as the opening up of sectors, such as the Agriculture sector, for increased investment and value addition across industries.
Shri Goyal stated that adjustments to India’s FDI policies will foster opportunities for mutual engagement in emerging sectors, while India’s recent labour reforms facilitate improved flexibility in labour regulations and employment. He outlined an increase in the volume, quality, and balance of trade activities as the main objectives of the India-Australia relationship. The diversification of supply chains to improve risk management is an example of strategic collaboration that will continue to benefit the economic partnership in the years to come, explained the Union Minister as he acknowledged the importance of the new strategy report.
The India-Australia strategic relationship is core to the prosperity and stability of the Asia Pacific and the Indian Ocean regions, as the two countries continually expand their partnership to boost regional trade and security. Over the years, India and Australia have employed an array of institutional mechanisms to promote bilateral cooperation, including a Joint Declaration on Security Cooperation in 2009, Joint Trade and Commerce Ministerial Commission, discussions on Defence Policy, Education, Energy Security, and more. These mechanisms have driven opportunities across the scope of bilateral trade and investment, as well as collaborations in civil nuclear energy, defence and security, agriculture, minerals and resources, science and technology, skill development, and tourism. With all these engagements, India has emerged as the front-runner of Australia’s international partnerships in the last decade, as per an Australian foreign policy white paper in 2017.