India-Australia trade predicted to double in 5 yrs

India-Australia trade and investment have been growing in recent years and the implementation of the free trade agreement last year has provided further momentum to this growth. The Australia-India Economic Cooperation and Trade Agreement (ECTA) came into force from December 2022 and both the countries are negotiating to expand the scope of this agreement in the near future. To create awareness about the expanding business ties between both the countries, a workshop was organised on ‘CASE STUDIES- Advocating business success between Australia and India at WTC Mumbai. The event was organised by Indo Australian Chamber of Commerce (IACC), in collaboration with The Australian Consulate-General Mumbai; Newland Global Group; All India Association of Industries (AIAI) and World Trade Center Mumbai.

Addressing the event, Ms. Majell Hind, Consul General of Australia in Mumbai pointed out, “India-Australia bilateral trade (in goods and services) has crossed USD 48 billion, and I expect it to double to nearly USD 100 billion in the next five years. The recently signed trade agreement is beneficial for India as its trade deficit with Australia has fallen by 15% since the implementation of this pact.”

She further added, “India-Australia bilateral relations are at their historic peak. Bilateral trade has grown by 50% in the last two years, driven by the Economic Cooperation and Trade Agreement (ECTA). The trade agreement has provided tangible benefits to Indian businesses by offering critical raw materials at a competitive price and providing Australian market access at a preferential rate.”

Dr. Vijay Kalantri, Chairman, WTC Mumbai, stressed the importance of capacity building for both countries to leverage the trade potential offered by the bilateral relationship. Commenting on the case studies, he added, "The case studies, illustrating the journey of other businesses, provide crucial insights into the business environment in both countries and can act as a gateway for furthering economic cooperation.”

Dr. Kalantri raised hope that in the next five years, bilateral trade will double because of the existing trade agreement and with the future implementation of a more comprehensive agreement.

In her remarks, Dr. Monika Kennedy, Senior Trade and Investment Commissioner, Austrade in Mumbai pointed out, “Last year, Australian Hon’ble Prime Minister Mr. Anthony Albanese led a trade delegation to India, which was the highest-ever delegation to leave Australian shores. There is lot of interest and curiosity from companies of both the countries to do business with each other,”

Dr. Kennedy informed that the negotiation on the Comprehensive Economic Cooperation Agreement (CECA) is progressing well and it can be concluded soon.

Ms. Malini Dutt, Trade and Investment Commissioner, Investment NSW proposed the vote of thanks for the programme.

In photo (From left to right): Dr Vijay Kalantri, Chairman, WTC Mumbai; Mr. Dipen Rughani, CEO, Newland Global Group; Ms. Majell Hind, Consul General of Australia in Mumbai; Ms. Petula Thomas, CEO, Indo Australian Chambers of Commerce; Capt. Somesh Batra, Vice Chairman, WTC Mumbai and Dr. Monika Kennedy, Senior Trade and Investment Commissioner, Austrade in Mumbai.

From left to right - Dr Vijay Kalantri, Chairman, WTC Mumbai; Mr. Dipen Rughani, CEO, Newland Global Group; Ms. Majell Hind, Consul General of Australia in Mumbai; Ms. Petula Thomas, CEO, Indo Australian Chambers of Commerce; Capt. Somesh Batra, Vice Chairman, WTC Mumbai and Dr. Monika Kennedy, Senior Trade and Investment Commissioner, Austrade in Mumbai.