India-Australia Economic Cooperation scaling new heights

Partha Roy, Kolkata: India Australia economic cooperation scaling new heights with the signing of the India Australia Economic Cooperation and Trade Agreement ( IndAusECTA ) on 2nd April 2022.

Consul General of Australia in Kolkata, Ms. Rowan Ainsworth addressed a hybrid session on “Future of India Australia Economic Relationship ” organised by Calcutta Chamber of Commerce ( Estd.: 1830) and Indian Chamber of International Business on 6th June 2022 in Kolkata.
Ms. Rowan Ainsworth emphasised that new IndAusECTA will be taking multi-dimensional economic cooperation between India and Australia to new heights and will create more growth opportunities for Australian businesses in India over the coming decades.
Australia has specific “India Economic Strategy to 2035 ” to promote Australian business interest in India.

Australia plans to make India their 3rd largest outward investment destination in Asia by 2035.

The Australian government has announced over AUD 280 million ( INR 1500 crore ) of a new initiative since November 2021 to build ties across the breadth of India Australia relationship.

IndAusECTA aims to double the trade. Under IndAusECTA, zero duty on 96.4% of Indian goods exports to Australia including textile and apparels, leather and footwears, furniture, gems, and jewellery machinery.

Australian exports to India thermal coal, alumina, metallic ores, lithium, cobalt, minerals, mining machineries, wines, and many other products will be cheaper with tariffs eliminated.

To boost trade and economic cooperation, Australia plans to start a new Consulate General in Bengaluru, Australia India Infrastructure Forum, Business Champion Secretariat, Global Mining Challenge Program -India, and many others initiatives.

To promote and strengthen people to people link, Australia plans to start the Maitri Scholars program, Maitri Grants and Fellowship program , Establishment of Taskforce on Education Qualification recognition, and many other initiatives.
Under IndAusECTA, the movement of goods and people between India and Australia will increase manyfold and will strengthen Indian Australian cooperation not only amongst both nations but will promote cooperation with other nations in the region.

Australia considers Indian Diaspora in Australia as their national asset. Beyond trade and investment, Australia India defense cooperation will be strengthened. Strengthening of defense cooperation between India and Australia will facilitate to meet upcoming challenges in Indo-Pacific Ocean region.

As Consul General of Australia in Kolkata, Ms. Rowan Ainsworth is facilitating Australia’s trade, commerce, and investment in West Bengal, Odisha, Chhattisgarh, Jharkhand, Bihar, Sikkim, Tripura, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Arunachal Pradesh.