India-Australia Trade Ties Set to Soar: Minister Piyush Goyal’s Adelaide Visit
Manish Shukla
In a significant boost to India-Australia economic relations, Union Minister of Commerce and Industry, Piyush Goyal, arrived in Adelaide for the 19th Australia-India Joint Ministerial Commission. The visit marks a crucial milestone in strengthening bilateral trade and investment ties between the two nations.
India’s status as the world’s fastest-growing major economy, poised to become the third-largest by 2030, presents unprecedented opportunities for Australian businesses. The first trade agreement between India and Australia, effective since November 2022, has already yielded impressive results, with $30 billion worth of Australian exports entering India tariff-free and Australians saving $225 million on Indian goods.
Building on this success, India and Australia are negotiating an ambitious Comprehensive Economic Cooperation Agreement to further strengthen economic ties and create new opportunities for businesses, exporters, and investors.
The Australian government has unveiled a new roadmap for economic engagement with India, focusing on clean energy, agribusiness, education and skills, and tourism. The Indian diaspora in Australia, the second-largest and fastest-growing, plays a vital role in fostering people-to-people links between the two nations.
“Australia and India are natural partners, and our economic relationship is growing faster than ever. I look forward to meeting with Minister Goyal and discussing how we can continue to advance our economic ties,” said Senator Don Farrell, Australia’s Minister for Trade and Tourism.
Minister Piyush Goyal’s visit to Adelaide marks a significant step forward in India-Australia economic relations. As both nations work together to expand trade, investment, and economic cooperation, the stage is set for a brighter, more prosperous future for both countries.
Pic Source: X post from @piyushgoyal
