Australia Unveils Strategic Roadmap to Boost Economic Ties with India

The Albanese Government has announced a USD 16 million investment in the Australia-India Trade and Investment Accelerator Fund. The initiative aims to enhance economic engagement with India by identifying key growth sectors, fostering collaboration, and leveraging existing trade agreements to unlock new opportunities for Australian businesses in India.

The Albanese Government has rolled out a strategic roadmap earmarking USD 16 million for the Australia-India Trade and Investment Accelerator Fund, marking a significant boost in bilateral economic ties. Prime Minister Anthony Albanese emphasized India's pivotal role in diversifying Australia's trade links and driving prosperity for all Australians.

This targeted initiative is crafted to assist Australian enterprises in establishing a foothold within India's burgeoning market, forecasted to become the globe's third-largest economy by 2030. The roadmap underscores vital growth sectors, ensuring mutual prosperity and fortified economic resilience through enhanced bilateral cooperation. It also includes an additional USD 4 million for the Maitri Grants program, reinforcing business, cultural, and interpersonal connections between the nations.

Australia's current free trade agreement with India has already reaped financial benefits, significantly slashing costs for businesses and consumers. Ongoing negotiations for a new agreement are anticipated to unlock greater access to India's vast market of over 1.4 billion people. This roadmap stems from comprehensive dialogues, engaging over 400 stakeholders across Australia and India, and outlines growth 'superhighways' in clean energy, education, agribusiness, and tourism, alongside deepening ties in other sectors.

(With inputs from agencies.)