Australian High Commission
New Delhi
India, Bhutan

The future of the Australia-India economic relationship

                                                                                     The future of the Australia-India economic relationship

PA/01/22                                                                                                                                                                                                                                                         26 April 2022

Australia’s High Commissioner to India, the Hon Barry O’Farrell AO, today launched the Update to Australia’s India Economic Strategy in New Delhi, in the presence of former Prime Minister of Australia, the Hon Tony Abbott AC.

The High Commissioner said the Update is “a call to action for government and business.”

“This Update includes a five-year plan for the Australian Government to help achieve its long-term economic ambitions with India. And it is a clear signal of our strong ongoing commitment to the relationship,” he added.

Australia remains committed to the ambitious goals set out in its original 2018 India Economic Strategy: to lift India into its top three export markets by 2035 and make India the third-largest destination in Asia for outward Australian investment.

The High Commissioner said “India and Australia have complementary economies. And our partnership is vital as we both strive for stronger, sustainable economic growth, and more secure and diversified trade and supply chains.”

“The India Economic Strategy Update is a valuable addition to the Australia-India trade and investment story”.

The Update responds to evolving challenges and opportunities for both countries, including lessons learned throughout the COVID-19 pandemic, efforts to bolster supply chain resilience, India’s economic reform agenda and progress under the Australia-India Comprehensive Strategic Partnership.

On 2 April, Australia and India signed an Economic Cooperation and Trade Agreement, which will advance the bilateral economic relationship to a new level. Australia also recently announced an investment of over AUD $280 million (INR 1,500 crore), including to support new programs and initiatives across technology, space, critical minerals, strategic research and people-to-people links, to boost cooperation with India.