FICCI and Business Council of Australia signed a Memorandum of Understanding (MoU) on May 02, 2024 to identify and create more business opportunities between the two nations. The MoU will aim to strengthen the bilateral trade and investment partnerships by cooperating on shared areas of advantage and identifying new areas of growth in emerging markets.
Addressing the interactive session, SK Pathak, Secretary General, FICCI said, “India and Australia's bilateral trade in goods and services is over USD 45 billion, and we are working towards doubling it in the next five years.”
Bran Black, Chief Executive, Business Council of Australia emphasised on working towards removing the trade barriers and exploring investment opportunities between India and Australia. “Growing the Australia–India relationship is business-led because businesses are best placed to identify mutual opportunities for growth, particularly in areas of education and skills, renewable energy and digital,” he added.
India is Australia’s fifth largest export market, and the exports (particularly resources, education and agricultural products) are highly sought after in India. Australian exports to India were at USD32.5 billion, while imports accounted to USD12.6 billion in 2022-23.
FICCI industry representatives from defence, space, pharma, steel, manufacturing, infrastructure, maritime, agriculture and IT sector also interacted and shared their perspective on improving business between India and Australia.
