Australia and India are strengthening their economic ties, building on a foundation of shared values and mutual interests. High Commissioner Philip Green and Vikram Mehta of the Centre for Social and Economic Progress recently discussed a new roadmap aimed at enhancing economic engagement between the two nations.
This initiative seeks to create “sectoral superhighways” to connect the Australian and Indian economies more closely. The plan focuses on areas such as renewable energy, critical minerals, and technology, reflecting both countries’ commitment to sustainable growth and innovation.
The Australia-India Economic Cooperation and Trade Agreement (ECTA), which came into effect in December 2022, has already yielded positive results. In the first year, Australian exports to India (excluding coal) increased by 35%, with agricultural exports up by 60% and industrial exports (excluding coal) up by 30%.
Both nations are now working towards a Comprehensive Economic Cooperation Agreement (CECA) to further enhance trade and investment. The goal is to increase bilateral trade to $100 billion, a significant leap from current levels.
Renewable energy is a key focus of this collaboration. Australia and India have launched the India-Australia Renewable Energy Partnership, aiming to boost investment in green energy projects, including green hydrogen and solar photovoltaic manufacturing.
Defence and maritime security cooperation are also on the agenda, reflecting a shared interest in regional stability. Both countries are members of the Quad, along with the United States and Japan, working together to balance influences in the Indo-Pacific region.
The Indian diaspora in Australia, now over one million strong, plays a crucial role in strengthening cultural and economic ties. Initiatives like the Migration and Mobility Partnership Arrangement (MATES) provide pathways for Indian professionals to work in Australia, further enhancing collaboration.
As both nations navigate this collaborative journey, the emphasis remains on mutual benefit and respect. By leveraging their respective strengths, Australia and India are poised to create a partnership that not only boosts their economies but also contributes positively to regional and global stability.
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🌟Australia & India strengthen economic ties with a focus on renewable energy, critical minerals & tech. 🌏 The #ECTA has boosted trade, with plans for a #CECA to reach $100 billion in #bilateral trade.💬Explore this growing partnership! 🌟 #TheIndianSunhttps://t.co/2Ad0NL7h9k
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