Albanese said that the Economic Cooperation and Trade Agreement (ECTA) signed between India and Australia was a transformative agreement which will unlock the next level of potential in trade and investment, according to a press release by India’s ministry of commerce and industry.
A four-year MoU extension was signed between the Confederation of Indian Industry (CII) and Business Council of Australia (BCI) at the India-Australia CEO forum in Mumbai. The partnership is aimed towards furthering the business relationship between the two nations. Australia’s Prime Minister Anthony Albanese was also present at the event.
Piyush Goyal, Union minister of commerce and industry, consumer affairs, food and public distribution, and textiles, also participated in the CEO Forum along with senator Don Farrell, Australia’s minister for trade and tourism. Goyal noted that the current goal of doubling bilateral trade must be reset by the industries and CEOs present there as there was great potential to boost trade between the two nations. He reiterated the growth potential of the bilateral trade and investments between India and Australia.
The forum was organised by the Department for Promotion of Industry and Internal Trade (DPIIT), ministry of commerce and industry along with the CII in order to leverage the ever-growing trade and investment between the two countries. The forum was co-chaired by Dr. Anish Shah, MD and CEO, Mahindra Group and Shemara Wikramnayake, MD and CEO, Macquarie Group.
Farrell pointed out that trade worth $2.5 billion benefitted from the lower tariffs arising from ECTA in January 2023 alone and reassured that this growth will continue to rise.
The event saw the participation from CEOs of leading companies from India and Australia across various sectors.
In fiscal 2022, India was Australia’s ninth largest trading partner. Major exports to Australia include textiles and apparels, leather, and other appliances. Moreover, major imports include dyeing extracts, chemicals, wool, and other items.
Fibre2Fashion News Desk (NB)