Our Bureau
Adelaide
Union Minister of Commerce and Industry, Piyush Goyal, is on a visit to Australia from September 23-25 and will co-chair the 19th India-Australia Joint Ministerial Commission meeting in Adelaide on September 25. The minister will be accompanied by a high-level delegation and will meet with his Australian counterpart, Don Farrell, Minister of Trade and Tourism.
The meeting aims to discuss ways to further elevate the bilateral economic engagement between the two countries. Key areas of focus will include enhancing cooperation in critical minerals, manufacturing, education, renewable energy, infrastructure, tourism, and space. The ministers will also explore significant investment opportunities in India’s dynamic growth sectors.
Goyal’s visit comes at a crucial time as India and Australia enhance their collaboration both bilaterally and in multilateral forums like the G20 and the Quad. The meeting is expected to provide a significant boost to the already strong trade and investment relationship following the recent finalization of the Economic Cooperation and Trade Agreement (ECTA).
During the visit, Goyal will interact with leading Australian and Indian CEOs, as well as representatives from Australian pension funds, to highlight the vast opportunities for investment in India. The minister will also engage with the vibrant Indian community in Sydney, underscoring the importance of the Indian diaspora in strengthening ties between the two nations.
The bilateral trade between India and Australia has dipped to $24 billion in 2023-24 from $26 billion in 2022-23, with India facing a trade deficit of $8.2 billion. The ECTA, which came into effect on December 29, 2022, is currently under negotiations to expand its scope into a comprehensive agreement.
By fostering business-to-business engagement, Goyal’s visit aims to promote strategic partnerships in critical sectors. The minister will also participate virtually in the Indo-Pacific Economic Framework meeting during the visit to further emphasize the importance of international cooperation.
Australia is the 25th largest investor in India with foreign direct investments of $ 1.5 billion from April 2000 to June 2024. The 19th India-Australia Joint Ministerial Commission meeting is expected to provide a significant boost to the already strong trade and investment relationship between the two countries.
