Piyush Goyal Concludes Successful Visit to Australia, Strengthening Bilateral Ties

During the meeting, discussions centred on enhancing cooperation and addressing economic priorities for both India and Australia.

Union Minister for Commerce and Industry, Shri Piyush Goyal, wrapped up a productive three-day visit to Australia from September 23 to 26, 2024. His visit included co-chairing the 19th Joint Ministerial Commission meeting with Senator The Hon. Don Farrell, Minister for Trade and Tourism of Australia, held at Government House in Adelaide.

During the meeting, discussions centred on enhancing cooperation and addressing economic priorities for both India and Australia. The ministers reviewed the implementation of the Economic Cooperation and Trade Agreement (ECTA) initiatives and discussed the progress of negotiations for the Comprehensive Economic Cooperation Agreement (CECA). They reiterated their shared goal of achieving AUD 100 billion in bilateral trade by 2030 and explored avenues for collaboration within multilateral and regional forums, including G20, IPEF, and WTO, focusing on the Domestic Services Regulation issue.

At a Joint Press Conference following the meeting, Minister Goyal announced the establishment of an Investment, Trade, Technology, and Tourism (ITTT) office in Sydney. This office will host representatives from key Indian organizations, including Invest India, NICDC, and Export Credit Guarantee Corporation, as well as industry bodies such as CII and FICCI. Additionally, Minister Farrell introduced a new AUD 10 million grant aimed at boosting cooperation between Australian businesses, organizations, and universities with India. This grant will allocate AUD 5 million for trade and innovation projects and another AUD 5 million for fellowships supporting Indian students at Australian universities.

Both ministers acknowledged that the 'Make in India' and 'Future Made in Australia' initiatives are complementary, creating opportunities for collaboration. Goyal highlighted that India recently celebrated the 10th anniversary of the 'Make in India' initiative, which has significantly contributed to domestic manufacturing, job creation, and improved livelihoods for millions.

The visit included a luncheon hosted by The Hon Frances Adamson AC, Governor of South Australia, attended by notable figures including The Hon Joe Szakacs MP, Minister for Trade and Investment, and Senator the Hon Simon Birmingham, Leader of the Government in the Senate. This gathering underscored the strong bipartisan support for the India-Australia partnership.

On the final day, Minister Goyal and Minister Farrell visited the Australian Space Agency at the Lot Fourteen Innovation precinct, where they engaged with Australian space companies, including Space Machine Company. This company is collaborating with New Space India Limited (NSIL) to launch Australia's largest satellite aboard an Indian Small Satellite Launch Vehicle, a mission named MAITRI, which symbolizes the growing friendship between the two nations and marks a significant milestone in their Comprehensive Strategic Partnership.

Overall, Minister Goyal's visit is expected to further invigorate economic and commercial ties between India and Australia, facilitating progress on the CECA and the implementation of ECTA initiatives while fostering stronger trade and investment connections.