TTT NEWS NETWORK
KOLKATA, 26 JUNE 2024:
For more trade opportunity with India, Australia has removed tariffs for most Indian products in Australia and the tariffs which still remains, will be out by 2026. This was stated by Mr Nicholas McCaffrey, Deputy High Commissioner of Australia to India at an interaction in Kolkata on Tuesday. According to Mr.McCaffrey, Australians are now enjoying more high quality Indian Dairy products and grains in Australia. The supermarkets in Australia are now noticing more Indian products. This proves the trade relationships between the countries are working well.
Mr Nicholas McCaffrey elaborated that for the past 5 years, India’s exports to the Australia have increased to 65%. He averred that like every other country in the world, Australia is interested to work with India, as India is one of the fastest growing country in the world. Mr McCaffrey further stated that by 2030, India has the ambition of 500 Gigawatts of renewable energy generations, as India wants to become a global giant of electric vehicle and battery manufacturing. India also wants to export two Trillion dollars of goods and services a year by 2030. Australia is very well positioned to work with India to achieve all these objectives.
Mr Nicholas McCaffrey highlighted that Australia is working to upgrade the ECTA (The Australia-India Economic Cooperation and Trade Agreement) with the Government of India. There is also SICA (Subsea Innovation Cluster Australia) – a free trade agreement, to collaborate and innovate the market expansion, will put India and Australia at the centre of clean energy supply chains, will improve tariffs of critical imports to Australia from India. SICA will make Indian agricultural product more productive. Australia will be focused on the key sectors which has the most potential in India – clean energy, climate change, education & skills, tourism, agriculture and sports industry. He said, Government is working on collaboration and now businesses must play its part.
The relationship between Australia and India has rapidly developed in recent years, driven by India’s extensive economic reforms and the subsequent rapid globalization of its economy. Both countries are Indo-Pacific partners with a shared vision for a resilient, inclusive, open region. India became Australia’s 9th largest trading partner, while Australia ranked as India’s 13th largest. In the coming years, the overall relationship between India and Australia will continue to grow and has the potential to assume greater prominence. The free trade agreement (FTA) between the two nations will enhance trade ties, potentially boosting bilateral trade in goods and services to surpass US$ 70 billion within the next five years.
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