India and Australia working to strengthen ECTA through CECA: Piyush Goyal

Minister Goyal emphasized the importance of scaling up the partnership in these key sectors and fostering a deeper economic connection between India and Australia.

Union Minister for Commerce and Industry, Shri Piyush Goyal, announced the establishment of a new Trade Promotion Office in Sydney, Australia. This office will include representatives from Invest India, NICDC, ECGC, trade and tourism officials, and the private sector through the Confederation of Indian Industry (CII). Speaking at a joint press conference in Adelaide with Australia's Minister for Trade & Tourism, H.E. Don Farrell, Minister Goyal highlighted the office’s role in boosting trade, investment, tourism, and technology partnerships between the two nations.

The office aims to serve as a bridge for investors and businesses, facilitating smoother trade relations. Minister Goyal emphasized the importance of scaling up the partnership in these key sectors and fostering a deeper economic connection between India and Australia.

Celebrating 10 Years of ‘Make in India’

Minister Goyal also marked the 10th anniversary of the 'Make in India' initiative, noting that the program has revolutionized India's manufacturing sector by addressing infrastructure challenges, streamlining regulations, and attracting foreign direct investment (FDI). The initiative includes provisions for a "Plug and Play" infrastructure model, a single-window system for approvals, reduced compliance burdens, and decriminalization of certain laws.

He drew parallels between India's 'Make in India' initiative and Australia's 'Make in Australia' program, suggesting that both countries can benefit from technology exchange, increased opportunities, and collaboration between businesses.

Expanding Cooperation Across Sectors

Minister Goyal stressed the vast potential for collaboration in areas such as education, skill development, tourism, critical minerals, and sustainability. These sectors, according to Goyal, represent the future of India-Australia relations, with the potential for both countries to mutually benefit.

Strengthening India-Australia Economic Ties

Minister Goyal’s visit to Australia was notable for the presence of high-level industry leaders from both the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce & Industry (FICCI), underscoring the importance of this partnership. He cited the strong bond between India and Australia, highlighted by nine in-person meetings between senior leaders since May 2022, as a testament to the deepening ties.

The Minister also spoke about the progress made through the Economic Cooperation and Trade Agreement (ECTA), which has resulted in significant market access for both countries. Goyal mentioned ongoing work to expand this framework through the Comprehensive Economic Cooperation Agreement (CECA), which would further boost bilateral trade.

Australia’s Strategic Role in India’s Growth

Minister Goyal underscored Australia's strategic role in India's growth, particularly in terms of trade, technology transfer, sustainability efforts, and high-tech services. He highlighted India's competitive advantages, described as the "4 Ds"—democracy, demographic dividend, demand, and decisive leadership under Prime Minister Narendra Modi.

The Minister concluded by emphasizing that under Modi’s leadership, India is committed to reforming, performing, and transforming the country, making it an attractive destination for global investments. The growing partnership with Australia is seen as a vital part of this transformative journey.