With the India-Australia Free Trade Agreement (FTA) close to being implemented, a 100-member business delegation, led by the Australian Trade and Investment Commission (Austrade), will visit India later this month to scout for fresh opportunities across sectors such as agriculture, food and wine, critical minerals, digital health and infrastructure.
“This year’s Australia-India Business Exchange (AIBX) has been framed keeping in mind that we have got the Australia India Economic Cooperation and Trade Agreement (AI-ECTA) almost in place. At Austrade, we want to source Australian businesses that can complement Indian needs. Our focus is on top end of the market for premium products. We are looking at complementarity of markets and not competition,” said Catherine Gallagher, Senior Trade Commissioner, Austrade.
AIBX 2022, scheduled for September 25-30, will facilitate meetings between Australian businesses and potential Indian partners and importers and organise site visits while focussing on the needs of the Indian market. Top companies in sectors such as wines, spirits, packaged food, health, infrastructure and education are part of the delegation. The business delegates will visit five cities including Delhi, Mumbai, Bengaluru, Hyderabad and Chennai.
“The AI-ECTA deal signed in April gives Australian companies a head-start in Indian markets. By reducing tariffs and barriers to trade, AI-ECTA will improve two-way market access for Australian businesses. This comes as Indian markets become ever more open to overseas products, brands and services,” according to a statement.
“We have technology embedded in all the five focus sectors — education, health, infrastructure, agriculture and processed food and critical minerals,” Gallagher said.
The AI-ECTA, which will be implemented after the Australian Parliament approves it, is expected to double bilateral trade from $27.5 billion to $45-50 billion in five years and create 10 lakh jobs in the country.