June 3, 2024
2 mins read

Australia Eyes Closer Economic Ties with India

With Quad ties expanding, DFAT reports 23 Australian and 15 Indian ministerial visits since May 2022…reports Asian Lite News

The Australian government has invited public submissions as it prepares a new roadmap for the country’s closer economic engagement with India. The roadmap will not only take stock of Australia’s existing economic initiatives with India but also explore innovative ways of doing more together.

“There has never been a better time to engage economically with India: already the most populous country in the world, India’s economy is growing at pace. In 2023, India was our fourth-largest export market and is on track to be the world’s third-largest economy by the end of this decade. Australia is well positioned to both benefit from and contribute to India’s growth story – if we target our efforts wisely,” believes Australia’s Department of Foreign Affairs and Trade (DFAT).

The Department mentioned that work on both sides in recent years has delivered results, including through the Australia-India Economic Cooperation and Trade Agreement (ECTA), the opening of a Consulate General in Bengaluru – which was matched by India’s in Brisbane – and the establishment of the Centre for Australia India Relations. Alongside this, the next stage of trading relationship, the Comprehensive Economic Cooperation Agreement (CECA), is currently under negotiation between the two countries.

As the relationship between Quad partners continues to expand both strategically and economically, DFAT detailed that there have been as many as 23 Australian ministerial visits to India and 15 Indian ministerial visits to Australia since May 2022.

Besides the “high tempo of senior Ministerial visits,” the India-Australia 2+2 Foreign and Defence Ministerial Dialogue, the annual Foreign Ministers Framework Dialogue, joint hosting of the Indian Ocean Conference in February 2024, and working closely on the Quad initiatives have been the highlights of partnership between India and Australia.

“Our partnership with India will be crucial to the Albanese government’s vision for ‘A Future Made in Australia’. The new roadmap will help secure Australia’s place in a changing global economic and strategic landscape and help make Australia a renewable energy superpower,” stated DFAT.

The public submissions, which are open till August 5, aim at seeking inputs to the roadmap from voices in Australia and India, especially from businesses working in both countries, research centres and academia, members of Indian-Australian communities, India-focused NGOs and civil society organisations, state and territory governments, etc.

DFAT said that it will also be conducting consultations in state capitals in Australia and in India.

ALSO READ: US confirmed to join Swiss Peace Summit, says Zelenskyy

Previous Story

US confirmed to join Swiss Peace Summit, says Zelenskyy

Next Story

Floods Wreak Havoc in Lanka

Latest from -Top News

Hasina’s Defiant Words Before Ouster

Reportedly before leaving Hasina wanted to record a farewell speech to be aired on television, but military officials declined….reports Asian Lite News Following a violent student uprising last year, the Bangladeshi military

US Lawmakers Push AI Watchdog on China

The lawmakers stressed that “there is a strong national security need for better understanding, predicting, and preparing for the PRC’s AI progress…reports Asian Lite News Chairman John Moolenaar and Ranking Member Raja

Trump’s 51st State Pitch to Canada

The development follows a meeting between Trump and Canadian Prime Minister Mark Carney on May 6, where Trump praised Carney’s political success….reports Asian Lite News US President Donald Trump claimed that he

Azhar Acquittal Sparks Outrage in Bangladesh

Jailed for nearly 13 years for war crimes, Azharul was received by party leaders and activists at the jail gate by his radical supporters….reports Asian Lite News Once accused of committing crimes

Trump Warns Putin: ‘Playing with Fire’

Trump on Sunday made harsh remarks on both Putin and Ukrainian President Volodymyr Zelensky…reports Asian Lite News US President Donald Trump warned Russian President Vladimir Putin that he is “playing with fire”
Go toTop

Don't Miss

India allows potato imports from Bhutan sans license

A similar exemption has also been made for areca nut

I2U2 Summit: UAE to invest $2 bn for food parks across India

I2U2 aimed to encourage joint investments in six mutually identified