WTC Mumbai and IASA to boost trade with Australia

Jul 19, 2022

India and Australia have huge untapped trade and investment potential given their complementarities in sectors such as mining, energy, agriculture, education and skill development. According to an estimate by ITC, Geneva, India has untapped export potential worth USD 2 billion in sectors such as auto & auto-components, pharmaceuticals, gems & jewellery, insecticides, textile, rice, shrimp and chemicals.

In order to discuss this untapped export potential, MVIRDC WTC Mumbai organised an interactive programme with an inbound business delegation led by Dr. Jagvinder Singh Virk, Chairman of the India Australia Strategic Alliance (IASA)

A key highlight of the event was the signing of Memorandum of Understanding (MoU) between MVIRDC WTC Mumbai and IASA to conduct various joint trade and investment promotion programs to strengthen economic ties between both the countries.

Speaking on this occasion, Dr. Virk remarked, “IASA proposes to form a quasi-government task force or think tank between the state of Maharashtra and Australia with the support of WTC Mumbai to promote trade and investment between the two countries. Through this MoU, both the organisations will work jointly to realise this objective.”

In his remarks, Mr. Eric Abetz, former senator for Tasmania in Australia emphasised the need for Australia to increase trade volume with India to diversify and de-risk its supply chain. He further added, “Today, Indians have become the largest migrant population in Australia. There should be no limitation to India- Australia co-operation. Australia is willing to co-operate with India in field of education, healthcare and knowledge transfers.”

Earlier in his welcome remarks, Dr. Vijay Kalantri pointed out that both the countries can collaborate in education, mining, aero-space, infrastructure, shipping & ports, which are focus sectors besides the ones mentioned above.

Dr. Kalantri raised confidence that the recently signed trade agreement between India and Australia will accelerate bilateral trade. He called for the need to amend the double taxation agreement between two countries that was signed 30 years ago and also suggested setting up of a joint fund to promote research and development activities in India.

Ms. Rupa Naik, Executive Director MVIRDC World Trade Center Mumbai, in her remarks, extended an invitation to Australian business delegates to participate in WTC Mumbai’s flagship Trade Show ‘Connect India 2022’ which will further improve the business relations. Connect India is set to commence virtually on August 1, 2022 and is a digital platform to help Indian companies to connect globally.

Presenting Vote of Thanks, Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai proposed collaboration between WTC Mumbai Education Institute and University Tasmania to provide courses on trade promotion and skill development to support businesses from both countries.

The interactive programme was attended by members of trade and industry.

In Photo: (From left - right): Dr. Vijay Kalantri, Chairman, WTC Mumbai (second from left); Mr. Eric Abetz, Former Senator for Tasmania in Australia; Dr. Jagvinder Singh Virk, Chairman of the India Australia Strategic Alliance; Capt. Somesh Batra, Vice Chairman, WTC Mumbai and Ms. Rupa Naik, Executive Director, WTC Mumbai at the interactive meeting with a business delegation from Australia during which India Australia Strategic Alliance signed Memorandum of Understating (MoU) with MVIRDC World Trade Center Mumbai.