Australia and India have strengthened their economic ties and Ministers Don Farrell and Piyush Goyal couldn’t be more positive about the future.
Meeting in Adelaide on 25 September, the two trade ministers discussed their flourishing relationship with the Comprehensive Economic Cooperation Agreement (CECA) taking centre stage.
Senator Don Farrell, Australia’s Minister for Trade and Tourism and Special Minister of State, wasted no time highlighting the success of their current trade agreement, which he said has been a “really big win for Australia.”
He shared some impressive figures, noting that in the 18 months since the Trade Agreement with India came into force, nearly $30 billion worth of Australian exports have entered India either with zero tariffs or lower tariffs than any of their competitors. This surge in trade, particularly in the agricultural, industrial, and health sectors, has brought significant benefits to both countries.
But the ministers aren’t stopping there. Farrell pointed to the next step in their economic journey, emphasising: “Our trade negotiators recently met in Sydney, and today’s discussions show that there’s real momentum here to get an agreement as we work out the details.”
Union Minister of Commerce and Industry for India, Shri Piyush Goyal, who is also a Member of Parliament, echoed Farrell’s enthusiasm, calling the partnership “unprecedented.” He spoke warmly of Farrell, not just as a trade partner but “a brother who has been a guide.”
The camaraderie between the two was palpable, setting the tone for deeper cooperation across multiple sectors. Goyal stressed the importance of growing partnerships in trade, technology, tourism, and investment, even announcing a new office in Sydney to oversee operations in these key areas.
During the meeting, Goyal underlined the significance of co-chairing the 19th India-Australia Joint Ministerial Commission with Farrell. The discussions focused on strengthening trade ties, with both nations committed to achieving their shared goal of $100 billion in bilateral trade by 2030.
They also reviewed the implementation of the Economic Cooperation and Trade Agreement (ECTA), discussed progress on the Comprehensive Economic Cooperation Agreement (CECA), addressed World Trade Organization (WTO) issues, and explored opportunities within the Indo-Pacific Economic Framework (IPEF).
On agriculture, Farrell confirmed, “We’re talking about the removal of all the tariffs that weren’t removed at the last process… chickpeas, pistachios, and apples… wine is another one.” He acknowledged the sensitive nature of some issues, stating, “We understand that, and we’re not going to make life any more difficult for the Indian Government.”
Another highlight was the $10 million Maitri Grants Program, with Farrell announcing: “$5 million for Australian organisations working on projects that boost trade and innovation, cultural ties and community leaders, and a further $5 million for scholars and fellowships to support Australian universities to host some of the brightest Indian students in their research.”
While the future of trade is bright, both ministers recognised the importance of current investments. Goyal noted that Australia’s role in India’s journey to becoming a $35 trillion economy by 2047 was crucial, stating that the “kangaroos and tigers together have a combined strength which is unstoppable.”
His optimism about India’s growth was unwavering, citing the four Ds—Democracy, Demographic dividend, Demand, and Decisive leadership—as key advantages in India’s upward trajectory.
Questions from journalists brought out even more details on the countries’ shared goals. Addressing the upcoming CECA negotiations, Goyal reassured that both sides have approached the talks with sensitivity and mutual respect, ensuring that defensive and offensive interests are equally considered.
“The important and defining feature of our discussions is the sensitivity that both sides have to each other’s issues… all are considered together in a manner which will only result in a win-win situation,” he remarked.
Farrell backed this up, expressing confidence that their current progress would lead to a doubled two-way trade figure, from $49 billion to $100 billion by the end of the decade.
Aside from trade, Goyal didn’t miss the opportunity to mark a milestone back home. He proudly noted, “Today is a very important day in India. We are celebrating 10 years of our Making India Program.” He sees great potential for the program to align with Australia’s Future Made in Australia initiative, promoting exchanges in technology and opportunities for businesses on both sides.
As for Whyalla’s steelworks, Farrell was clear: “As a government, we want to see steel making continue, and of course, all of those jobs be protected.” The government’s commitment to supporting the steel industry is strong, with further discussions between the Prime Minister and the Premier underway.
The ministers looked forward to their visit to the Australian Space Agency to explore further collaboration in cutting-edge industries. With both Farrell and Goyal stressing the “real momentum” in their bilateral relationship, the future looks bright for deeper economic ties between Australia and India.
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