(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

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.

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.