MoU signed to strengthen trade and investment partnerships
FICCI and Business Council of Australia (BCA) have signed a Memorandum of Understanding (MoU) to identify and create more business opportunities between the two nations, and double bilateral trade in five years from US$45 billion as of now.
“The MoU will aim to strengthen the bilateral trade and investment partnerships by cooperating on shared areas of advantage and identifying new areas of growth in emerging markets,” said FICCI https://twitter.com/ficci_india .
Addressing the interactive session at the MoU signing, FICCI Secretary General S K Pathak said, “India and Australia’s bilateral trade in goods and services is over US$45 billion, and we are working towards doubling it in the next five years.”
BCA https://twitter.com/BCAcomau Chief Executive Bran Black emphasised on working towards removing the trade barriers and exploring investment opportunities between India and Australia.
“Growing the Australia–India relationship is business led because businesses are best placed to identify mutual opportunities for growth, particularly in areas of education and skills, renewable energy and digital,” he said on 2 May @branblack .
India is Australia’s fifth largest export market, and the exports (particularly resources, education and agricultural products) are highly sought after in India.
Australian exports to India were at US$32.5 billion https://fieo.org/ , while imports accounted to US$12.6 billion in 2022-23.
FICCI industry representatives from defence, space, pharma, steel, manufacturing, infrastructure, maritime, agriculture and IT sector also interacted and shared their perspective on improving business between India and Australia. Fiinews.com
