Australia hosts a Roadshow to highlight Indian trade prospects.
A month ago we reported on the Australia-India Economic Cooperation and Trade Agreement which was signed on 02 April. Once in force it will see tariffs eliminated on more than 85% of Australian goods exports to India (valued at more than $12.6 billion a year), rising to almost 91% (valued at $13.4 billion) over 10 years.
To highlight new prospects, Austrade and DFAT are hosting an India Market Update – styled as a ‘Roadshow’ – across Australia from late April to end June. If you have been thinking about expanding your trade network with India, we encourage to attend and participate.
The roadshow runs from 29 April until 29 June, with events in each capital city:
- Sydney: 29 April (3.30pm – 4.15pm)
- Perth: 11 May (7.30am – 9.00am)
- Darwin: 17 May (7.30am – 9.00am)
- Brisbane: 3 June (7.30am – 9.00am)
- Adelaide: 8 June (7.30am – 9.00am)
- Hobart: 15 June (7.30am – 9.00am)
- Canberra: 22 June (7.30am – 9.00am)
- Melbourne: 29 June (7.30am – 9.00am)
To register for the event, go to AIBX India Market Update 2022.
At the Roadshow Australian businesses and exporters will have the chance to quiz trade and investment experts about opportunities to break into the India market.
The Australia India Business Exchange (AIBX) India Market Updates 2022, hosted by the Australian Trade and Investment Commission (Austrade), will give exporters actionable market insights into the world’s fastest growing major economy.
Topics covered will include:
- current commercial opportunities
- how the new trade agreement can benefit Australian businesses
- how the Australian Government can support your entry into India
- latest insights on India’s economic and policy reforms.
The recently released Update to the India Economic Strategy to 2035 (IES Update) highlights commercial opportunities for Australian businesses in key industries. This publication includes a detailed analysis of opportunities in education, agrifoods, technology, infrastructure, resources and energy.
Austrade’s General Manager, South Asia, Catherine Gallagher said India offers Australian goods and services exporters significant opportunities across education, agribusiness and food, technology, infrastructure, resources and energy.
“Australia’s reputation for quality goods and services – from agriculture, food, health and consumer products to technology, education and resources – is rapidly growing in India,” Ms Gallagher said. “By supporting the Australian and Indian business communities to engage with each other, we hope to build on existing momentum and support commercial success.”
Ms Gallagher said the bilateral relationship was at an all-time high after the recent signing of the Australia India Economic Cooperation and Trade Agreement.
The Roadshow will give you insights into India, which is the world’s largest democracy and one of the fastest-growing major global economies, with GDP projected to grow at 8.2% in 2022-23. It is an awakening giant with a population of over 1.3 billion. The country’s relatively young population and projected growth present significant trade opportunities for the Australian economy across sectors such as education, agriculture, energy, resources, tourism, healthcare, financial services, infrastructure, science and innovation and sport.
In 2020, India was Australia’s seventh-largest trading partner and sixth largest export destination, driven by coal and international education. The total value of two-way foreign direct investment between both countries was valued at US$1.04 billion in 2020. Bilateral trade between India and Australia was US$12.3 billion in 2020-21 and US$12.6 billion in 2019-20, with the trade balance in Australia’s favour.
If you have been thinking about the opportunities available in India, now would be a good time to investigate further.
For more information about all matters concerning international shipping and trade, contact us here at Colless Young. As licensed Customs Brokers and International Freight Forwarders we offer correct, professional advice on all your import and export trade transactions. We are based in Brisbane and provide a complete range of logistics services, for both airfreight and sea cargo through all Australian ports and airports.
