The current goal of doubling the bilateral trade must be reset by Indian and Australian industries and chief CEOs, said Union Commerce Minister Piyush Goyal in Mumbai.
While speaking at the India-Australia CEO forum, he reiterated the growth potential of the bilateral trade and investments between India and Australia today.
The minister, from his previous visit to Australia in April 2022, recounted an example of his interaction with the CEO of Cochlear (an Australian hearing implant manufacturer).
He added that after the interaction he reassured them that their current market share in India was only a minuscule of the potential for the business, given India’s population, rapid growth in the middle class and the growing demands of the overall economy for a better lifestyle.
Australian Prime Minister Anthony Albanese 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 Prime Minister remarked that this is one of the most serious and high-profile delegations to visit India from Australian shores.
He was very optimistic about the complementarities between both nations and concluded by saying that this juncture is a turning point in accelerating economic cooperation and mutual benefits in the relationship between Australia and India.
Notably, India and Australia have a long-standing relationship, characterised by shared values of democracy, multiculturalism, economic opportunities and most importantly vibrant diaspora with strong people-to-people links, the Commerce Ministry said in a notification.
In the fiscal year (2022), India is Australia's ninth-largest trading partner. Major exports to Australia include petroleum products, textiles and apparel, engineering goods, leather, pearls, mechanical appliances, iron and steel and gems and jewellery.
Major imports include edibles, dyeing extracts, chemicals, wool, minerals and precious stones, the statement added.