Indian Commerce Minister Piyush Goyal recently announced the establishment of a trade promotion office in Sydney. This office is aimed at boosting the growing trade relationship between India and Australia. The announcement was made during a joint press conference in Adelaide alongside Australia’s Minister for Trade and Tourism, Don Farrell.
The new office will include representatives from Invest India, the NICDC, ECGC, and other trade and tourism officials. Private sector representatives, such as the Confederation of Indian Industry (CII), will also be involved. The office is expected to serve as a bridge for investors and businesses from both nations, facilitating more straightforward cooperation and communication.
Strengthening Bilateral Trade Relations
India and Australia are continuing to strengthen their trade relations, which have seen significant growth in recent years. Minister Goyal emphasized the need to elevate partnerships in key areas like trade, investment, tourism, and technology. One of the main objectives is to further develop the Economic Cooperation and Trade Agreement (ECTA) and move toward a Comprehensive Economic Cooperation Agreement (CECA).
The ECTA has already provided market access and increased trade between both nations. Currently, bilateral trade between India and Australia has reached $48 billion, with a target to double this amount to nearly $100 billion in the next five years.
Collaborative Approach for Economic Growth
During the press conference, Goyal highlighted the role of Australia’s collaboration in India’s progress, particularly in areas like trade, technology exchange, sustainability, and high-tech services. He noted that the partnership between the two nations is aligned with common goals and shared interests.
Goyal also stressed India’s “4 Ds” — democracy, demographic dividend, demand, and decisive leadership. With these advantages, India is well-positioned to attract foreign investments and partnerships. The reforms introduced under Prime Minister Narendra Modi’s leadership, including the ‘Make in India’ initiative, have made it easier for businesses to invest in India through simplified processes and regulations.
Make in India and Make in Australia
The Indian Commerce Minister also pointed out the similarities between India’s ‘Make in India’ initiative and Australia’s ‘Make in Australia’ program. These programs offer businesses on both sides opportunities for collaboration, technology exchange, and investment.
With India’s growing manufacturing sector, supported by favorable policies such as infrastructure development and streamlined compliance systems, both countries stand to benefit from closer economic cooperation.
As bilateral trade between India and Australia continues to grow, the new trade promotion office in Sydney will play a crucial role in strengthening ties and fostering further economic development.
