Adelaide: India will set up a trade promotion office in Sydney, Union Minister for Commerce and Industry Piyush Goyal announced at a joint press conference along with Don Farrell, Minister for Trade & Tourism, Australia, here today.
The office in Sydney will have representatives of Invest India, the National Industrial Corridor Development Programme (NICDC), ECGC (formerly known as Export Credit Guarantee Corporation of India Ltd.), and other officials related to trade and tourism along with the private sector represented by the Confederation of Indian Industry (CII).
Goyal said these offices will act as a bridge between investors and businesses on both sides, and its focus would be to upscale the partnerships in trade, investment, tourism and technology.
Speaking about his visit to Australia, Goyal said that for the first time, the leadership of both the CII and the Federation of Indian Chambers of Commerce and Industry (FICCI) were represented in Australia, signifying the importance of the partnership. He added that the unprecedented ties between the two countries with 9 in-person meetings of senior leaders being held since May 2022 reflected the “deep bonding of leaders and supplements the business-business and people-people to connect”. He added that India and Australia are working towards strengthening the Economic-Cooperation and Trade Agreement (ECTA) through the Comprehensive Economic Cooperation Agreement (CECA). He said that the ECTA agreement has resulted in market access to both sides and resulted in a significant increase in merchandise trade.
Goyal highlighted Australia’s role in India’s journey through greater trade, exchange of technologies, common goals for sustainability, and provision of high-tech services and investment. “India offers advantages of 4 Ds- democracy, demographic dividend, demand and decisive leadership with leadership under Shri Narendra Modi, willing to reform, perform and transform the country”, he further added.
He noted a lot of promise between the ‘Make in India’ programme of India and the ‘Make in Australia’ programme of Australia to exchange technologies, and opportunities and encourage businesses to work with each other. The Minister added that enhanced cooperation in education, skill development, investment, tourism, critical minerals, and green ecosystems for sustainability are areas where the partnership holds significant potential.
– global bihari bureau
Image by Patty Jansen from Pixabay
