India and Australia Strengthen Trade Ties: Piyush Goyal Announces Opening of Investment Office in Sydney

Adelaide: In a significant development for India-Australia trade relations, Union Minister of Commerce and Industry, Piyush Goyal, led the Indian delegation to Adelaide for high-level talks with Senator Don Farrel, Australia’s Minister of Trade and Tourism. The two leaders co-chaired the 19th India-Australia Joint Ministerial Commission (JMC) meeting, where they emphasized the vast untapped trade and investment opportunities between the two nations.

During the meeting, Goyal announced the establishment of an Investment, Trade, Technology, and Tourism (ITTT) office in Sydney. This new office will house key Indian bodies such as Invest India, NICDC, Export Promotion, and DGFT, with the participation of the private sector, including representation from the Confederation of Indian Industry (CII). The office will facilitate trade and investment issues, acting as a bridge between businesses in both countries.

Highlighting the strong bilateral relations, Goyal noted the “unprecedented levels of trust and friendship” between the two countries, citing that Indian and Australian Prime Ministers have met nine times since May 2022. He underscored that the two nations share mutual goals, especially in sectors like manufacturing and technology, and proposed synergy between ‘Make in India’ and ‘Future Made in Australia’ initiatives.

Minister Goyal also celebrated a decade of India’s ‘Make in India’ initiative, launched by Prime Minister Narendra Modi in 2014. He spoke about how this government-wide effort has revolutionized manufacturing, technology, and infrastructure in India, fostering growth in key sectors. The Minister stressed that India’s success in manufacturing could align with Australia’s vision, driving growth in both economies.

Goyal also highlighted India’s competitive edge with the ‘4 D strengths’:

1. Decisive leadership under Prime Minister Modi
2. The Demand of 1.4 billion aspirational consumers
3. A significant Demographic Dividend, with an average age of 28.4 years
4. The power of Democracy in fostering a strong, stable business environment

The Minister also flagged several issues related to the Economic Cooperation and Trade Agreement (ECTA), urging early progress on Mutual Recognition Agreements (MRAs) in services and organic products. He pointed out the importance of increasing aviation connectivity and building stronger people-to-people engagements between India and Australia.

Both India and Australia set an ambitious target of achieving $100 billion in trade by 2030. The Joint Ministerial Commission discussed boosting cooperation in multilateral forums, including the G20, IPEF, and WTO, with a particular focus on Domestic Services Regulation. The committee also underscored the need to expedite the conclusion of the Comprehensive Economic Cooperation Agreement (CECA) to facilitate a freer flow of goods, services, and investments between the two nations.

The establishment of the ITTT office in Sydney marks a significant step in enhancing bilateral trade and investment. Both countries aim to leverage their strengths, with India offering a highly skilled, aspirational workforce and Australia providing opportunities in professional services. The Joint Ministerial Commission reflects the growing partnership between India and Australia, which is poised to reach new heights in the coming years.