Amid rising bilateral tensions between Beijing and Canberra, Australian Prime Minister Anthony Albanese’s India visit has generated immense curiosity among global investors. Albanese will hold a meeting with Prime Minister Narendra Modi tomorrow and the two leaders will discuss ways to boost bilateral ties including economic activities. The agenda is clear. The two leaders will focus on enhancing trade, energy and investment while expanding cooperation in defence and minerals.
Albanese today attended the India Australia CEO forum in Mumbai which was jointly organised by the Ministry of Commerce and Industry along with Confederation of Indian Industry (CII) in order to leverage the ever-growing trade and investment between the two countries. He said that the Economic Cooperation and Trade Agreement (ECTA) signed between India and Australia is a transformative agreement which will unlock the next level of potential in trade and investment.
The event saw the participation from CEOs of leading companies from India and Australia across the sectors like metals & mining, telecom, food processing, education, pharmaceutical, healthcare, medical devices, banking, aviation, education, IT, auto and institutional investors.
He also noted that this is one of the most serious and high-profile delegations to visit India from Australian shores.
Union Minister of Commerce and Industry Piyush Goyal who was also present at the forum along with his Australian counterpart Don Farrell noted that the current goal of doubling the bilateral trade must be reset by the industries and CEOs.
A recent report by Observer Research Foundation said that “there is an ambition on both sides to upscale this engagement as Canberra continues to struggle with China’s imposition of trade blockages on a rage of Australian exports.”
It added that diversification is also the buzzword when it comes to Australia’s supplies of critical minerals despite China being one of the largest recipients.
India is currently Australia’s sixth largest trading partner.
Also read: India-Australia smart energy partnership set to soar after thumbs up from PM Modi and Albanese
