“The recently signed trade agreement is beneficial for India as its trade deficit with Australia has fallen by 15% since the implementation of this pact,” said Ms Hind while addressing an event organized 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.
Australia, with its large reserves of critical minerals such as Lithium, Cobalt and other rare minerals, can be India’s key strategic partner in attaining mineral security and in its quest for sustainable growth and carbon-neutrality, Ms Hind added.
Ms Hind further stated in a statement, “India-Australia bilateral relations are at their historic peak. Bilateral trade has grown by 50% in the last two years, driven by the Economic Cooperation and Trade Agreement (ECTA). The trade agreement has provided tangible benefits to Indian businesses by offering critical raw materials at a competitive price and providing Australian market access at a preferential rate.”
The event marked the launch of a compendium of case studies on “Advocating Business Success between Australia and India.” This compendium, 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, showcases the business journey of 26 companies from both countries, covering diverse sectors such as healthcare, technology, renewables, education and mining, to name a few.Commenting on the importance of the compendium of case studies in strengthening economic cooperation, she said, “The compendium highlights that India’s agriculture exports to Australia has grown 11%, while its apparel exports has increased 20% since the signing of the trade agreement. The ECTA also points out that Indian exports of industrial products have grown 50%, mostly in insecticides, forklift trucks and transmission shafts.”The compendium of case studies was launched by Ms Majell Hind, Consul General of Australia in Mumbai, Vijay Kalantri, Chairman, MVIRDC WTC Mumbai, Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai, Ms. Petula Thomas, CEO of the Indo-Australian Chambers of Commerce along with other dignitaries.Vijay Kalantri, Chairman, MVIRDC WTC Mumbai, stressed the importance of capacity building for both countries to leverage the trade potential offered by the bilateral relationship. Commenting on the compendium of case studies, he added, “The compendium of case studies, illustrating the journey of other businesses, provides crucial insights into the business environment in both countries and can act as a gateway for furthering economic cooperation.”
Kalantri raised hope that in the next five years, bilateral trade will double because of the existing trade agreement and with the future implementation of a more comprehensive agreement. He remarked, “Today, Australia is the 12th largest trade partner of India. In next 5 years, Australia can become top 5 trade partner and trade can double with the increasing interest shown by companies from both the sides.”
In her remarks, Monika Kennedy, Senior Trade and Investment Commissioner, Austrade in Mumbai pointed out, “Last year, Australian Prime Minister Anthony Albanese led a trade delegation to India, which was the highest-ever delegation to leave Australian shores. There is a lot of interest and curiosity from companies of both the countries to do business with each other. Lot of groundwork has been done by both the governments to promote two-way trade and investment. I expect remarkable surge in investment from Australia to India in the coming years as more Australian companies get to know the emerging business opportunities in India,”
Ms Kennedy informed that the negotiation on the Comprehensive Economic Cooperation Agreement (CECA) is progressing well and it can be concluded soon.
Addressing the event, Ms. Petula Thomas, CEO of the Indo-Australian Chambers of Commerce, said, “A compendium of case studies like this is very timely and also highlights the ever-growing trade and partnership between India and Australia. It is a practical tool that will guide businesses in leveraging trade agreements and partnerships. Showcasing the power of innovation, the compendium has provided the companies with an opportunity to share their journey.”
Dipen Rughani, Chief Executive Officer, Newland Global Group informed that India is emerging as a strategic economic partner of Australia under the current evolving geopolitical circumstances. Australia is keen to strengthen ties with India to diversify and make its supply chain resilient. India also offers a huge consumer market for Australian companies.
