Australia Unveils New Roadmap for Economic Engagement with India

 Australia Unveils New Roadmap for Economic Engagement with India

Australia has launched an ambitious new roadmap aimed at deepening and diversifying its trade and investment ties with India. The roadmap identifies four key "superhighways of growth": clean energy, education and skills, agribusiness, and tourism.

Key Highlights of the Roadmap

• The roadmap outlines nearly 50 specific opportunities to strengthen Australia’s engagement with India across various sectors, including defense, industries, sports, culture, space, and technology.

• Australia-India Trade and Investment Accelerator Fund: This fund will support Australian businesses in accessing new commercial opportunities in India.

• Australia-India Business Exchange (AIBX): The AIBX aims to accelerate business-to-business (B2B) engagements between the two countries.

• Reinvigorated Australia-India CEO Forum: This forum will serve as a key platform to foster business-to-business connections and enhance commercial collaboration.

• Maitri ('Friendship') Grants Program: This initiative seeks to strengthen people-to-people (P2P), business-to-business (B2B), and cultural ties between Australia and India.

Evolving Relationship Between India and Australia

• Trade: The Economic Cooperation and Trade Agreement (ECTA) signed in 2021 has boosted free trade, with Australia aiming to make India one of its top three export markets by 2035.

• Nuclear Cooperation: A Civil Nuclear Cooperation Agreement was signed in 2014, enhancing bilateral cooperation in this field.

• Strategic Partnership: Australia’s National Defense Strategy (NDS) 2024 has identified India as a "top-tier security partner" in the Indo-Pacific region.

• Defense Cooperation: Several defense agreements have been signed, including the Mutual Logistics Support Arrangement and the Defense Science and Technology Implementing Arrangement. Joint military exercises such as AUSTRAHIND, AUSINDEX, and Pitch Black further enhance defense cooperation between the two nations.

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