India-Australia FTA: Australian companies seek greater opportunities in India
As the India-Australia Free Trade Agreement (FTA) nears implementation, a 100-member trade delegation, led by the Australian Trade and Investment Commission (Austrade), will travel to India later this month to seek new opportunities in sectors including agriculture, food and wine, critical minerals, digital health and infrastructure.
“This year’s Australia-India Trade Exchange (AIBX) has been designed keeping in mind that we have almost put in place the India-Australia Economic and Trade Cooperation Agreement (AI-ECTA) At Austrade, we want to find Australian businesses that can complement Indian needs. We focus on the high end of the premium market. We look for complementarity of markets, not competition,” said Catherine Gallagher , Senior Trade Commissioner, Austrade.
AIBX 2022, scheduled for September 25-30, will facilitate meetings between Australian companies and potential Indian partners and importers and organize site visits while focusing on the needs of the Indian market. Leading companies in sectors such as wines, spirits, packaged foods, healthcare, infrastructure and education are part of the delegation. Trade commissioners will visit five cities including Delhi, Mumbai, Bangalore, Hyderabad and Chennai.
“The AI-ECTA agreement signed in April gives Australian companies a head start in Indian markets. By reducing tariffs and barriers to trade, AI-ECTA will improve bilateral market access for Australian businesses. This comes as Indian markets increasingly open up to foreign products, brands and services,” a statement said.
“We have integrated technology across all five priority sectors – education, health, infrastructure, agriculture and processed foods and critical minerals,” Gallagher said.
The AI-ECTA, which will be implemented after approval by the Australian Parliament, is expected to double bilateral trade from $27.5 billion to $45-50 billion in five years and create 10 lakh jobs in the country.
September 22, 2022