(The Gist of PIB) Union Commerce Minister launches India-Australia Economic Strategy Report

(THE GIST OF PIB) Union Commerce Minister launches India-Australia Economic Strategy Report

[January-2021]

Union Commerce Minister launches India-Australia Economic Strategy Report

  • Strategy is an ambitious plan to transform India’s trade and economic policies with Australia’s economic partnership.
  • Presently, there is tremendous scope for Australian investment as India eases its FDI norms and opens up different sectors.
  • India was Australia’s eighth-largest trading partner and fifth-largest export market in 2018-19, driven by coal and international education.
  • Newer areas like space, nuclear energy, defence production, sports, textiles etc. will open up good opportunities for mutual engagement.

Overview of India- Australia relations:

  • Economic and commercial relations: Bilateral goods and services trade between two was $30.3 billion in 2018-19.
  • Defence and security cooperation: Both signed Strategic Partnership, Civil Nuclear Cooperation Agreement (to secure uranium from Australia).
  • Science and Technology: Australia-India Strategic Research Fund to collaborate on leading-edge research. Agreement on Cyber and Cyber-Enabled Critical Technology.
  • Global Cooperation: Both are part of QUAD, and also proposed Supply Chain Resilience Initiative, share common concern against Chinese aggression and assertive foreign policy.
  • People to People Relations: Indian diaspora (nearly 7 lakh) is the fastest growing in Australia.

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Courtesy: PIB