Union Minister for Commerce and Industry Piyush Goyal announced the setting up of an office for trade promotion in Sydney, Australia with representatives of Invest India, NICDC, ECGC, other officials related to trade and tourism along with the private sector represented by CII. While addressing a joint press conference at Adelaide today along with the H.E. Don Farrell, Minister for Trade & Tourism, Australia, Minister Goyal said these offices will act as a bridge between investors and businesses on both sides. Minister Goyal said the focus is to upscale the partnerships in trade, investment, tourism and technology.
Minister Goyal stated that India celebrates ‘10 years of Make in India’ today. The programme provided a whole of the approach in addressing the challenges of the manufacturing sector, he said. It provided provisions for ‘Plug and play’ for infrastructure, single window system for approvals, easing compliance burden, decriminalising laws, opening up FDI in newer sectors and encouraging the startup ecosystem, signifying a multi-pronged approach to attract manufacturing in India.
Minister Goyal noted a lot of promise between the Make in India Programme of India and the Make in Australia programme of Australia to exchange technologies, opportunities and encourage businesses to work with each other. The Minister added that enhanced cooperation in education, skill development, investment, tourism, critical minerals, green ecosystem for sustainability are areas where the partnership holds significant potential.
Speaking about his visit to Australia, Minister Goyal said that for the first time, the leadership of both the CII and 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.
Minister Goyal added that India and Australia are working towards strengthening Economic-Cooperation and Trade Agreement (ECTA) through Comprehensive Economic Cooperation Agreement (CECA). He said that the ECTA agreement has resulted in market access to both sides and resulted in significant increase in merchandise trade.
Mr. 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 PM Narendra Modi, willing to reform, perform and transform the country”, further added the Minister.
