Trade and Investment Queensland (TIQ) has just wrapped up a successful ‘India Insights Roadshow’ which travelled through Brisbane, the Gold Coast and eight other major regional cities during the month of March. It gave Queensland businesses a golden opportunity to learn from some of the state’s most experienced exporters who have successfully entered the market.
India is one of the world’s fastest growing economies and the market has proven robust through economic headwinds, while new Australia-India trade agreements have reduced tariffs and duties on Queensland exports.
TIQ is the Queensland Government’s dedicated global business agency, helping exporters take their products to the world.
The two-week India Roadshow regional program delivered insights into TIQ’s India market strategy and provided support for Queensland exporters considering India as an export market. There was a focus on several sectors including food & agriculture; health, innovation & technology; mining, resources & energy.
India is projected to become the world’s third largest economy by 2030 and add more than $580 billion to its GDP each year up to 2032. The state of Queensland now claims India as it second largest export market and fourth largest trading partner.
Since the Australia-India free trade agreement came into force, business has surged. Agricultural exports to India are 50% higher including products like sheep meat, seafood, broad beans, avocadoes, cherries, citrus, almonds and sandalwood. Australia is also pushing for a deeper access in the wine segment.
Australian industrial exports to India are also up by around 30%, with pharmaceuticals, wood and paper and cochlear implants leading the charge.
Australian exporters may also be interested in The Australia-India Business Exchange (AIBX) which is a 4-year Austrade program to boost trade and investment between India and Australia. It runs until the end of the current financial year (2023–24).
The Australian Border Force (ABF) has information on free trade with India (here).
Read this related article from our archives: QLD Focuses on Trade with India.
For more information about international trade and shipping, whether with India or elsewhere around the globe, contact us here at Colless Young. As licensed Customs Brokers and Freight Forwarders we offer correct, professional advice on all your transportation requirements. We are based in Brisbane and provide a complete range of logistics services, both airfreight and sea cargo, through all Australian ports and airports.
