Boosting Australia's economic ties with India

The Albanese Government has today launched A New Roadmap for Australia's Economic Engagement with India, to maximise Australia's trade opportunities, benefit our businesses and consumers, secure our supply chains, and create jobs.

India's economy is on track to be the world's third largest by 2030, and Australia is working to realise the enormous trade and investment opportunities that come with this.

The Roadmap sets out a pathway to focus our ongoing efforts, including to boost two-way investment, and work with Indian-Australian communities and businesses. It identifies four 'superhighways of growth' in sectors where we have natural strengths and a competitive edge: clean energy, education and skills, agribusiness, and tourism.

It also identifies nearly 50 specific opportunities to focus and accelerate our engagement across fields such as defence industries, sports, culture, space, and technology.

To help kick start this ambitious plan, we are investing $16 million for a Australia-India Trade and Investment Accelerator Fund, which will help Australian business unlock new commercial opportunities in India.

We are also investing an extra $4 million for our Maitri ('friendship') Grants program, enhancing our people-to-people, business-to-business and cultural links.

Our free trade agreement with India, has saved Australian businesses hundreds of millions of dollars and is on track to save exporters around $2 billion in tariffs by the end of the year.

The savings are having a direct impact for Australians, reducing costs at the checkout and creating local jobs.

Australia continues to make progress in its negotiations with India on a new free trade agreement, which will unlock even more trade opportunities for Australian business.

The Roadmap is informed by over 400 consultations across every state and territory, as well as in India.

Imagery will be available from Department of Foreign Affairs and Trade Media Library, and a live stream of remarks on Department of Foreign Affairs and Trade Youtube channel.

Quotes attributable to the Prime Minister Anthony Albanese:

"India is an essential partner as we diversify our trade links to boost prosperity for all Australians.

"This Roadmap is critical to helping us fully realise our potential with India, which will be a boon to Australia's economy, our businesses and jobs, and our prosperity"

Quotes attributable to Minister for Foreign Affairs, Senator Penny Wong:

"Growing Australia's economic security and diversifying our partnerships is a key element of our statecraft and central to our national interest.

"By boosting our economic ties with India, we are not only creating more jobs and opportunities for Australians, we are advancing our shared interest in a peaceful, stable and prosperous Indo-Pacific"

Quotes attributable to Minister for Trade and Tourism, Senator Don Farrell:

"Australia has a rich and diverse Indian community, with strong personal and economic ties.

"The potential of our relationship with India is almost unmatched, opening a fast growing market of over 1.4 billion people.

"The Roadmap, the result of significant consultation with businesses and the community, offers a blueprint for Australian businesses to seize this extraordinary opportunity"