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Business News/ News / India/  Australia set to boost India economic ties
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Australia set to boost India economic ties

Australia’s Minister for Trade, Tourism and Investment Dan Tehan on Tuesday said his government was committed to the India Economic Strategy and its goals to lift India into its top three export markets by 2035

Prime Minister Narendra Modi addressing at the 2nd India-Australia Virtual Summit, in New Delhi on Monday. (ANI Photo) (ANI)Premium
Prime Minister Narendra Modi addressing at the 2nd India-Australia Virtual Summit, in New Delhi on Monday. (ANI Photo) (ANI)

A day after Prime Minister Narendra Modi and his Australian counterpart Scott Morrison held a virtual meeting, Australia is set to invest over $280 million to boost economic ties with India. This would include partnership in several areas such as space, research and green steel.

This comes in the backdrop of the Supply Chain Resilience Initiative (SCRI) launched by India, Japan and Australia last year aimed at reducing the dependence on China. Besides, India and Australia are also likely to sign the interim bilateral free trade agreement by the end of the month.

Australia’s Minister for Trade, Tourism and Investment Dan Tehan on Tuesday said his government is committed to the India Economic Strategy and “its ambitious goals to lift India into its top three export markets by 2035".

“The Morrison Government is investing over $280 million to boost cooperation with India, to further grow our economic relationship and support jobs and businesses in both countries," Tehan said as per an official statement.

He further said that Australian investment in India will include $16.6 million towards strengthening linkages with India’s key policy and finance institutions and $8.9 million towards supporting enhanced business engagement.

Outlining key areas of investment, Tehan said that $17.2 million will be invested towards Australia-India Strategic Research Fund, $35.7 million for a Green Steel Partnership, $25.2 million to expand the Australian Space Agency’s International Space Investment initiative and $28.1 million to launch a Centre for Australia-India Relations to deepen community ties.

India is expected to bridge the trade gap between India and Australia that has doubled to $6.46 billion in favour of Australia, compared to $2.46 billion last year. While New Delhi's exports to Canberra surged 101% in the April to December period, its imports were 130% higher compared to the comparable period last year.

The interim trade deal between India and Australia could see sensitive sectors such as dairy excluded as Australian trade minister Dan Tehan during his visit to India said that Australia understands the sensitivities that India has when it comes to dairy, beef, and wheat.

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Published: 22 Mar 2022, 06:19 PM IST
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