Union Minister Piyush Goyal Announces New Initiatives

Union Minister for Commerce and Industry, Piyush Goyal, has announced the establishment of a trade promotion office in Sydney, Australia. This office will feature representatives from Invest India, NICDC, ECGC, and various trade and tourism officials, as well as private sector representatives from the Confederation of Indian Industry (CII).

During a joint press conference in Adelaide with Australia’s Minister for Trade and Tourism, Don Farrell, Goyal emphasized that these offices will serve as a crucial link between investors and businesses in both countries. The primary goal is to enhance partnerships in trade, investment, tourism, and technology.

Celebrating ‘Make in India’ and Strengthening Ties

Goyal highlighted that India is marking the 10th anniversary of the ‘Make in India’ initiative. This program has addressed numerous challenges in the manufacturing sector by offering infrastructure solutions, a single-window system for approvals, reduced compliance burdens, decriminalized laws, and opened up foreign direct investment (FDI) in new sectors. It also fosters a supportive ecosystem for start-ups, reflecting a multi-faceted approach to attracting manufacturing to India.

He noted the potential synergies between India’s ‘Make in India’ initiative and Australia’s ‘Make in Australia’ program, focusing on technology exchange and collaborative business opportunities. Areas of significant potential for enhanced cooperation include education, skill development, investment, tourism, critical minerals, and sustainable green ecosystems.

Deepening Economic Connections

During his visit to Australia, Goyal remarked on the unprecedented representation of both CII and FICCI, underscoring the importance of the bilateral partnership. The ongoing collaboration is further illustrated by the nine in-person meetings of senior leaders held since May 2022, strengthening the connections between leaders, businesses, and people.

Goyal also mentioned that India and Australia are working to enhance the Economic Cooperation and Trade Agreement (ECTA) through a Comprehensive Economic Cooperation Agreement (CECA). The ECTA has already improved market access for both nations, leading to a significant increase in merchandise trade.