Today, I will welcome India’s Minister of Commerce and Industry, Shri Piyush Goyal to Adelaide for the 19th Australia-India Joint Ministerial Commission.
Australia and India are close partners, and our trade, investment and economic relationship is growing faster than ever.
Minister Goyal’s visit to Australia this week is the first since the Albanese Labor Government was elected and reinforces our shared commitment to expand two-way trade and investment.
India is the world’s fastest growing major economy and is on track to become the world’s third largest economy by 2030.
Our first trade agreement with India has strengthened our economies – creating more jobs and opportunities for businesses and exporters, while reducing prices at the checkout.
Since this trade deal entered into force in November 2022, around $30 billion worth of Australian exports have entered India tariff-free, and Australians have saved around $225 million on goods from India.
Building on this success, we are continuing negotiations on our next trade agreement with India, an ambitious Comprehensive Economic Cooperation Agreement.
Our government has also finished consultations on a new roadmap for Australia’s economic engagement with India – which presents enormous growth opportunities for Australian business in clean energy, agribusiness, education and skills, and tourism.
I look forward to meeting with Minister Goyal and discussing how we can continue to advance the Australia-India economic relationship.
