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Australia has unveiled a comprehensive roadmap to deepen its economic engagement with India, with a focus on agribusiness, clean energy, and education to enhance trade, create jobs, and secure supply chains.
Australian Prime Minister Anthony Albanese launched the roadmap at an event in Melbourne on Wednesday, highlighting India’s economic growth and the immense opportunities it presents. Indian envoy Gopal Baglay was also present at the event.
“There is no greater time to engage economically with India than now,” Albanese said, calling India a “giant that continues to grow.” He added that the roadmap provides a detailed plan to unlock the full potential of trade and investment between the two nations.
Key Areas of Focus
The roadmap outlines four “superhighways of growth”:
- Agribusiness
- Clean Energy
- Education
- Tourism
It also identifies nearly 50 specific opportunities in sectors such as defence industries, space, technology, and sports.
India is currently Australia’s fifth-largest trade partner and fourth-largest export market for goods and services. Under the Economic Cooperation and Trade Agreement (ECTA) signed in 2022, 96% of Indian exports to Australia are already tariff-free, a figure set to reach 100% by January 2026. Bilateral trade between the two countries surged from $22.2 billion in 2021 to $31.4 billion in 2022, marking a 41% increase.
Albanese highlighted the positive impacts of ECTA, stating that Australia’s agricultural exports to India had increased by 146% since 2022, while iron and steel exports grew by 189% between 2022 and 2024.
Investment Plans
To accelerate trade and investment under the roadmap, Australia has committed:
- A$16 million for a trade and investment accelerator fund
- A$4 million for the Maitri Grants program to enhance business-to-business links
According to an Australian government statement, ECTA is expected to save Australian exporters nearly $2 billion in tariffs by the end of the year.
Strengthening Indo-Pacific Cooperation
Australian Foreign Minister Penny Wong emphasized that the roadmap would advance shared interests in a peaceful and stable Indo-Pacific region. She stressed the need for both nations to bolster their defence and diplomatic capabilities to uphold international rules and principles.
Trade Minister Don Farrell also underscored India’s importance to Australia’s future trading prospects. He stated that the proposed Comprehensive Economic Cooperation Agreement (CECA) will open new opportunities in critical minerals, agriculture, green hydrogen, space, and high-tech industries.
Sources By Agencies
