At the most recent India-Australia CEO summit held in Mumbai, the Confederation of Indian Industry (CII) and Business Council of Australia (BCI) extended their memorandum of understanding (MoU) for a further four years. The alliance aims to strengthen the commercial ties between the two nations. Anthony Albanese, the prime minister of Australia, was also present.
According to a press release from India’s ministry of commerce and industry, Albanese declared that the Economic Cooperation and Trade Agreement (ECTA) inked between India and Australia was a transformative agreement that will open up the next level of potential in trade and investment.
Senator Don Farrell and Union Minister for Consumer Affairs, Food and Public Distribution, and Textiles Piyush Goyal both took part in the CEO Forum. Tourism and trade minister of Australia. Goyal remarked that the current target of doubling bilateral trade must be reset by the industries and CEOs present there as there was huge potential to enhance trade between the two nations. He reaffirmed the potential for expansion in the bilateral trade and investment between Australia and India.
In order to take advantage of the expanding trade and investment between the two nations, the event was organised by the Directorate for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce and Industry, and the CII. to this. You may access this information by citing the following reference, to the………..
Farrell emphasised that the $2.5 billion in commerce benefited from the decreased tariffs. from ECTA in January 2023 alone, and they were comforted by the prospect of further expansion.
CEOs of top firms from Australia and India in a variety of industries attended the event. India was Australia’s ninth-largest trading partner in the fiscal year 2022. Leather, textiles and garments, and other appliances are among the top exports to Australia. Also, significant imports of chemicals, wool, dyeing extracts, and other goods are made.