India-Australia trade has potential to cross USD 100 billion, says Mr. Abbott

“India shall always be the favoured choice for trade, business and investment opportunities for Australia as the country is emerging as a reliable supply chain partner in the post-pandemic period. The signing of the interim trade agreement with India shows our commitment to strengthen bilateral trade, investment and people to people contact,” said H.E. Tony Abbott, Former Prime Minister of Australia, while speaking at the Business Forum Meeting organised by the All India Association of Industries (AIAI), The Green Billons Ltd. and India Australia Strategic Alliance in Mumbai.

“The 20th Century was Americans and 21st Century shall be of India as ACR India will work on the development of the subcontinent, Asia Pacific region and Australia with rest of the world,” added Mr. Abbott. “The ongoing realignment of global supply chain has opened tremendous business opportunities for both the countries and this phenomenon, together with the interim trade agreement will raise bilateral trade from USD 15 billion to more than USD  100 billion in few years,” stressed Mr. Abbott.

Mr. Abbott further added “India shall benefit from the interim trade agreement as for the next six years there shall be no tariff imposed on Indian goods, the digitization process will follow in trade and business opportunities, with minimal bureaucratic interference. Earlier, we used to talk more about cricket and now we shall talk about Business, Trade and Industry.”

India and Australia can concentrate on strategic alliance to work in the African continent for welfare of three billion people in the area of mining, natural resources for economic growth and employment in the region. “Keeping in mind the Climate Change Policy and Environment, we have to keep reliable data readily available before we move forward on evidence-based policy initiatives on Climate change and explore meaningful collaboration between both the countries,” said Mr. Abbott.

Mr. Abbott further said that we are all concerned and working towards better environment COP 27 Agenda and Australia has earmark USD 3.56 trillion towards clear energy and to start with USD 10 billion Clear Energy co-operation fund to promote Wind, Solar and Hydrogen, besides other incentives. Mr. Abbott added that we are working on India’s strategy as at times the cost may be more but we can trust the product manufactured in India and India has sophisticated manufacturing capacity and we feel India is the only strategic competitor to China and our strategy to buy from China has failed.

Mr. Abbott remarked that both the countries need to work to safeguard our long term economic interests as we are democratic countries and hence our joint initiatives are driven by long term vision, instead of short-term imperatives. Dr. Vijay Kalantri, President, All India Association of Industries (AIAI) and Chairman – MVIRDC World Trade Center Mumbai, in his welcome address said, “India and Australia are looking towards strategic alliance in the field of trade, investment, renewable energy, technology, defence and security co-operation.

As in the year 2018, Australia and India Economic Strategy 2035 decided to have a roadmap to strengthen bilateral ties. After signing the interim trade agreement, India is now negotiating Comprehensive Economic Co-operation Agreement (CECA) which will further create opportunities and enhance mutual business ties and I hope the present trade shall grow multifold once the proposed CECA is implemented.

Australia is the 9th largest trading partner of India and there are tremendous opportunity of exports from India to Australia in the field of Petroleum product, Pharma, Textiles and Apparels, Engineering Products and Equipments, Leather products, Chemicals, Gems and Jewellery etc.

Dr. Kalantri further added that the present agreement aims to grow bilateral trade multifold and make India one of the top three export destination for Australia. Around 6000 Indian products across pharma, textile, leather, furniture and jewellery and engineering will have duty free access to Australian market. Dr. Jagvinder Singh Virk, Chairman, India Australia Strategic Alliance said that many opportunities remain unexplored which needs to be explored for development of further strengthen business between India and Australia.