Adelaide: Union Minister for Commerce and Industry, Piyush Goyal, announced the establishment of a Trade Promotion Office in Sydney, Australia, aimed at fostering stronger economic ties between the two countries. The office will include representatives from Invest India, NICDC, ECGC, and officials from trade and tourism sectors, along with the Confederation of Indian Industry (CII) representing the private sector. The announcement was made during a joint press conference in Adelaide with Australia’s Minister for Trade and Tourism, H.E. Don Farrell.
Minister Goyal emphasized that the new office will act as a vital bridge between investors and businesses in India and Australia, with a focus on scaling up partnerships in trade, investment, tourism, and technology.
Goyal also marked the celebration of 10 years of the ‘Make in India’ initiative, which has played a transformative role in India’s manufacturing sector. The Minister highlighted how the program has simplified infrastructure, introduced single-window systems for approvals, reduced the compliance burden, decriminalized laws, and opened up Foreign Direct Investment (FDI) in several new sectors. Additionally, it encouraged India’s burgeoning startup ecosystem, underscoring a multi-pronged approach to attract global manufacturers.
He noted the potential for synergy between India’s ‘Make in India’ initiative and Australia’s ‘Make in Australia’ program, particularly in the exchange of technologies and opportunities that can drive mutual business collaboration. Enhanced cooperation in areas such as education, skill development, investment, tourism, critical minerals, and the green ecosystem for sustainability were highlighted as key areas where the India-Australia partnership can grow.
Speaking about the robust India-Australia relationship, Minister Goyal underlined the significance of 9 in-person meetings between the leaders of both countries since May 2022, calling it a testament to the deep bond shared by India and Australia. This, he said, reflects not only the political and diplomatic ties but also strengthens business-to-business and people-to-people connections.
Goyal also emphasized the ongoing work to fortify the Economic Cooperation and Trade Agreement (ECTA) through the Comprehensive Economic Cooperation Agreement (CECA), which aims to enhance market access and boost merchandise trade between the two nations. He stated that the ECTA has already led to a significant increase in trade flows, opening up new opportunities on both sides.
Minister Goyal lauded Australia’s role in India’s growth journey, particularly through trade, technology exchange, and joint efforts toward sustainability and high-tech services. He also stressed India’s advantages, which he termed as the ‘4 Ds’: Democracy, Demographic Dividend, Demand, and Decisive Leadership under Prime Minister Shri Narendra Modi. He added that India is committed to reforming, performing, and transforming, offering a conducive environment for global partnerships.
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