Synopsis
Australia has launched a roadmap to bolster trade and investment with India, featuring a $16 million investment in the Australia-India Trade and Investment Accelerator Fund. This initiative aims to unlock opportunities in various sectors and enhance bilateral ties.Key Takeaways
- $16 million fund launched for trade ties.
- Focus on clean energy, education, agribusiness, and tourism.
- Additional $4 million for Maitri Grants programme.
- Nearly 50 opportunities identified for engagement.
- Current trade agreement saves $2 billion in tariffs.
Canberra, Feb 26 (NationPress) On Wednesday, Australia unveiled a comprehensive strategy aimed at fortifying and diversifying its trade and investment relationships with India, commencing this initiative with a substantial $16 million allocation to the Australia-India Trade and Investment Accelerator Fund.
This Fund is designed to assist Australian enterprises in accessing India’s rapidly expanding market and uncovering new commercial prospects.
The Australian government further revealed an additional $4 million investment in the Maitri Grants programme, which seeks to promote people-to-people, business-to-business, and cultural connections between the two countries.
The strategic plan emphasizes four primary “superhighways of growth” - clean energy, education and skills, agribusiness, and tourism. This roadmap delineates a definitive course to amplify current endeavors, enhance reciprocal investment, and collaborate with Indian-Australian communities and businesses.
“India is a crucial ally as we diversify our trade connections to foster prosperity for all Australians,” stated Prime Minister Anthony Albanese.
“This roadmap is essential for us to fully harness our potential with India, which will significantly benefit Australia’s economy, our businesses, and job creation,” he added.
The document released by Albanese’s office underscores nearly 50 targeted opportunities to expedite engagement with India across various sectors, including defence, sports, culture, space, and technology.
Australia’s existing free trade agreement with India has already resulted in savings of hundreds of millions of dollars for businesses and is anticipated to save exporters around $2 billion in tariffs by year-end. “These savings are directly benefiting Australians by lowering costs at checkout and creating local employment,” the government asserted.
Australia is also making notable strides in negotiations for a new free trade agreement with India, aiming to further broaden trade and investment avenues for Australian companies.
“Enhancing Australia’s economic security and diversifying our partnerships is a fundamental aspect of our statecraft and integral to our national interest,” remarked Foreign Minister Penny Wong.
“By strengthening our economic links with India, we are not only generating more jobs and opportunities for Australians but also promoting our mutual objective of a peaceful, stable, and prosperous Indo-Pacific,” she added.
Trade and Tourism Minister Don Farrell emphasized the significance of the vibrant and diverse Indian community in Australia, which maintains robust personal and economic connections to India.
“The prospects of our relationship with India are virtually unmatched, opening up a rapidly expanding market of over 1.4 billion people,” he stated.
“The roadmap, resulting from extensive consultations with businesses and the community, provides a framework for Australian businesses to capitalize on this remarkable opportunity,” Farrell concluded.
