New Delhi, Feb 26: Australia has launched an ambitious roadmap aimed at deepening and diversifying its trade and investment partnership with India, identifying four key sectors—clean energy, education and skills, agribusiness, and tourism—as "superhighways of growth."
The roadmap, unveiled on Wednesday by Australian Prime Minister Anthony Albanese, lays out a strategic framework to enhance two-way investment and strengthen engagement with Indian-Australian communities and businesses.
"India is an essential partner as we diversify our trade links to boost prosperity for all Australians," Albanese said. "This roadmap is critical to helping us fully realize our potential with India, which will be a boon to Australia's economy, businesses, jobs, and overall prosperity."
Key Highlights of the Roadmap
The document identifies nearly 50 specific opportunities across various industries—including defense, sports, culture, space, and technology—to accelerate Australia's engagement with India.The Australian government has pledged USD 16 million towards an Australia-India Trade and Investment Accelerator Fund to facilitate this initiative. The fund aims to support Australian businesses in unlocking new commercial opportunities in India.
Foreign Minister Penny Wong emphasized the significance of this move, stating, "Growing Australia's economic security and diversifying our partnerships is a key element of our statecraft and central to our national interest. By boosting our economic ties with India, we are creating more jobs and opportunities for Australians and advancing our shared interest in a peaceful, stable, and prosperous Indo-Pacific."
Strengthening Economic and Cultural Ties
Australia’s Trade and Tourism Minister, Don Farrell, highlighted the deep-rooted ties with India's 1.4 billion-strong market and the strong presence of the Indian diaspora in Australia. "The potential of our relationship with India is almost unmatched. This roadmap, developed in consultation with businesses and the community, provides a blueprint for Australian businesses to seize this extraordinary opportunity," he stated.Additionally, the Australian government announced an extra USD 4 million investment for the Maitri ('friendship') Grants Programme, aimed at fostering stronger people-to-people, business-to-business, and cultural connections between the two nations.
Progress in Free Trade Agreements
Australia reaffirmed its commitment to expanding trade ties, citing the Economic Cooperation and Trade Agreement (ECTA) with India, which saved Australian businesses hundreds of millions of dollars in tariffs. The agreement is projected to save USD 2 billion in tariffs by the end of the year, benefiting exporters and reducing consumer costs.Negotiations for a new free trade agreement between the two nations are also progressing, hoping to unlock additional trade opportunities for Australian businesses.
This comprehensive roadmap signals Australia's intent to bolster economic security, create new jobs, and strengthen its role in the Indo-Pacific through enhanced collaboration with India.
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