Enhancing Partnerships in Trade, Investment, Tourism, and Technology
Union Minister for Commerce and Industry, Piyush Goyal, announced the establishment of a trade promotion office in Sydney, Australia. This initiative, which includes representatives from Invest India, NICDC, ECGC, and other trade and tourism officials along with the private sector represented by CII, aims to strengthen economic ties between India and Australia.
During a joint press conference with HE Don Farrell, Australia’s Minister for Trade and Tourism, in Adelaide, Goyal emphasized that the new office will serve as a vital link for investors and businesses from both countries. The goal is to enhance partnerships across various sectors, including trade, investment, tourism, and technology.
Celebrating 10 Years of ‘Make in India’
Minister Goyal highlighted the significance of India celebrating the 10th anniversary of the ‘Make in India’ initiative. This program has taken a comprehensive approach to tackle challenges within the manufacturing sector by providing ‘plug and play’ infrastructure, a single-window system for approvals, easing compliance burdens, decriminalizing laws, opening up foreign direct investment (FDI) in new sectors, and fostering a thriving startup ecosystem.
He pointed out the potential for collaboration between India’s ‘Make in India’ program and Australia’s ‘Make in Australia’ initiative. This collaboration aims to facilitate technology exchange and business partnerships while enhancing cooperation in education, skill development, investment, tourism, critical minerals, and sustainability.
Strengthening Bilateral Ties
Goyal noted that his visit to Australia marked the first time leadership from both the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce & Industry (FICCI) were present in the country, underscoring the importance of this partnership. He remarked on the deepening ties between India and Australia, citing nine in-person meetings between senior leaders since May 2022 as a testament to their strengthened relationship.
Additionally, he stated that both nations are working towards reinforcing the Economic Cooperation and Trade Agreement (ECTA) through a Comprehensive Economic Cooperation Agreement (CECA). The ECTA has already improved market access for both countries and significantly increased merchandise trade.
