Trade and Tourism Minister Don Farrell and India’s Minister of Commerce and Industry Piyush Goyal discussed manufacturing opportunities and advancements under the India-Australia Economic Cooperation and Trade Agreement. Additionally, they discussed investment avenues and sectors for further collaboration to deepen economic ties.
Minister Goyal, during his last visit to Australia in September 2024 had told The Australia Today that the aim should be to have $500 billion bilateral trade between the two countries by 2030.
During Mr Goyal’s visit Invest India and Austrade signed an MoU to enhance investment relations, promote trade, support businesses, and foster economic growth.
More recently the Albanese Government unveiled A New Roadmap for Australia’s Economic Engagement with India, a strategic plan aimed at maximising trade opportunities, boosting businesses, securing supply chains, and creating jobs.
To support this, Australia is investing $16 million in a Trade and Investment Accelerator Fund and an additional $4 million in the Maitri Grants program to strengthen ties.
The initiative comes at a pivotal time, as India’s economy is on track to become the world’s third largest by 2030, offering enormous untapped potential for Australian trade and investment.
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