Prime Minister Anthony Albanese visited India last week, the world’s fifth largest and fastest growing major economy. India is Australia’s sixth-largest trading partner, fourth-largest export market and second-largest export market for education.
The PM led a delegation to improve two-way trade between our countries and was accompanied by Minister for Trade and Tourism, Don Farrell, and Minister for Resources, Madeleine King. Minister Farrell and Minister King also led a delegation of senior Australian business leaders on this visit.
It’s the first visit by an Australian prime minister in six years and comes on the heels of the Economic Cooperation and Trade Agreement (ECTA), which entered into force in December.
ECTA takes advantage of the complementary nature of our economic relationship, creating jobs and opportunities in both countries.
More than 85% of Australian goods exports to India are now tariff-free, rising to 90% over the next six years. And 96% of imports from India are now tariff-free — a figure that will reach 100% in four years.
Mr Albanese joined Prime Minister Modi for the Australia-India Annual Leaders’ Summit in New Delhi. The Prime Ministers discussed trade and investment, renewable energy, technology, defence and security cooperation. The visit will also highlight our strong educational and cultural ties.
The business delegation participated in the Australia-India CEO Forum in Mumbai, discussing trade and investment opportunities opened up by the recent Australia-India Economic Cooperation and Trade Agreement and future areas of business to business collaboration with their Indian counterparts.
Quotes attributable to Prime Minister Albanese:
“This will be my first visit to India as Prime Minister and I look forward to reinforcing the strong bond between our two countries.”
“Our relationship with India is strong but it can be stronger. It is underpinned by our Comprehensive Strategic Partnership, which underscores a joint commitment to working together to enhance our defence, economic, and technological interests.”
“A stronger India-Australia partnership is good for the stability of our region. It also means more opportunities and more trade and investment, strengthening our economies and directly benefiting our people.”
“As we look to the future, India will continue to be an important partner and close friend to Australia. I look forward to hosting Prime Minister Modi in Australia mid-year for the Quad Leaders’ Summit and to visiting India again in September for the G20 Leaders’ Summit.”
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