The Economic Cooperation Trade Agreement (ECTA) signed in December 2022 is expected to boost bilateral trade between the two countries and reach UDS 50 billion in five years.
S K Narvar, Chairman of Capital India Corp, talks about ongoing visit of Anthony Albanese, Australian PM and how that will strengthen India’s economic and political standing.
Ques: How do you view the Australian PM’s India visit?
SK Narvar: The visit of Anthony Albanese, Australian PM, is another strategic masterstroke under PM Modi’s leadership which will further the cause of India among international stakeholders. Alongside bilateral trade, Australia is a strategic geo-political ally of India. As a member of the Quad group, it adds to the leadership respect and goodwill that our PM, Modiji enjoys among the world leaders. India today is Australia’s 6th largest trading partner, and the visit will help further deepen our ties.
Ques: How will this visit benefit Indian businesses?
SK Narvar: The visit will significantly deepen the India-Australian trade. Education and higher studies are vital, while the visit will further deepen our military and economic ties. The Economic Cooperation Trade Agreement (ECTA) signed in December 2022 is expected to boost bilateral trade between the two countries and reach UDS 50 billion in five years. For example, both countries will look at increased cooperation in clean energy. Investments in lithium mining for battery manufacturing are a specific area of interest during this visit.
Ques: How will this visit deepen the bond between the two countries?
SK Narvar: Australia and India share mutual bonds, and one clear example is that of Indian students travelling to Australia for higher studies. Currently, 1,30,000 Indian students are studying in Australia, building closer cultural ties. The Australian delegation consists of 25 senior business leaders, CEO of leading Australian companies, and university representatives showing interest and intent. Increasing bilateral trade, investment, education, and security will be the top areas of attention during this visit.
Ques: How will this visit benefit India from a geo-political perspective?
SK Narvar: It is the first visit by the Australian PM after assuming office. A strategic agenda is to discuss Australia playing host to the Malabar exercises with India, the US, and Japan. In addition, the expansion of the bilateral defence cooperation and active engagement between the tri-services of both countries will be another essential aspect. Thus, the visit will benefit India’s geo-political strategy in a significant way with the dual benefits of economic and military cooperation with a democratic and friendly country.
