Union Minister for Commerce and Industry Piyush Goyal announced the setting up of an office for trade promotion in Sydney, Australia. It office will have representatives of Invest India, NICDC, ECGC, other officials related to trade and tourism along with the private sector represented by CII.
While addressing a joint press conference at Adelaide along with Don Farrell, Minister for Trade & Tourism, Australia, Goyal said these offices will act as a bridge between investors and businesses on both sides.
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The focus is to upscale the partnerships in trade, investment, tourism and technology, he said adding, that India celebrates ‘10 years of Make in India’ today. The programme provided a whole of the approach in addressing the challenges of the manufacturing sector, he said.
It provided provisions for ‘Plug and play’ for infrastructure, single window system for approvals, easing compliance burden, decriminalising laws, opening up FDI in newer sectors and encouraging the startup ecosystem, signifying a multi-pronged approach to attract manufacturing in India.
Goyal noted a lot of promise between the Make in India Programme of India and the Make in Australia programme of Australia to exchange technologies, opportunities and encourage businesses to work with each other. He added that enhanced cooperation in education, skill development, investment, tourism, critical minerals, green ecosystem for sustainability are areas where the partnership holds significant potential.
The minister further said that India and Australia are working towards strengthening Economic-Cooperation and Trade Agreement (ECTA) through Comprehensive Economic Cooperation Agreement (CECA). The ECTA agreement has resulted in market access to both sides as also in significant increase in merchandise trade, he added.
He highlighted Australia’s role in India’s journey through greater trade, exchange of technologies, common goals for sustainability, and provision of high-tech services and investment. “India offers advantages of 4 Ds- democracy, demographic dividend, demand and decisive leadership with leadership under PM Modi, willing to reform, perform and transform the country”, the minister said.
