Union Minister for Commerce and Industry, Piyush Goyal, concluded a three-day visit to Australia, focusing on strengthening trade, investment, and strategic collaboration between the two countries. The visit culminated in the 19th Joint Ministerial Commission (JMC) meeting, co-chaired by Minister Goyal and Senator Don Farrell, Australia’s Minister for Trade and Tourism, at Government House, Adelaide.
The discussions focused on bilateral economic priorities, emphasizing:
- Implementation of Economic Cooperation and Trade Agreement (ECTA) initiatives
- Progress on Comprehensive Economic Cooperation Agreement (CECA) negotiations
- Enhancing cooperation through multilateral platforms, including the G20, Indo-Pacific Economic Framework (IPEF), and the WTO
- Addressing the Domestic Services Regulation issue
- Both ministers reaffirmed the AUD 100 billion bilateral trade target by 2030 and committed to building on existing and future agreements.
Launch of ITTT Office and New Australian Grant
At the joint press conference, Minister Goyal announced the opening of an Investment, Trade, Technology, and Tourism (ITTT) office in Sydney. This office will host representatives from Invest India, the National Industrial Corridor Development Corporation (NICDC), the Export Credit Guarantee Corporation (ECGC), and the Directorate General of Foreign Trade (DGFT), along with industry bodies like CII and FICCI, to facilitate enhanced business collaboration.
In a complementary gesture, Minister Farrell announced a new AUD 10 million grant to promote stronger partnerships between Australia and India. The grant includes:
- AUD 5 million to support Australian organizations working on trade, innovation, cultural initiatives, and leadership projects.
- AUD 5 million in fellowships and scholarships to enable Australian universities to host Indian students for research on shared challenges.
‘Make in India’ and ‘Future Made in Australia’: Complementary Initiatives
Both ministers underscored the alignment between India’s ‘Make in India’ program and Australia’s ‘Future Made in Australia’ initiative. Minister Goyal highlighted that August 24 marked the 10th anniversary of the ‘Make in India’ initiative, which has significantly boosted domestic manufacturing, created employment, enhanced exports, and improved the quality of life for millions in India.
Goyal emphasized the importance of sectors like education, skill development, tourism, critical minerals, sustainability, and green technology in the growing partnership. He also highlighted that, for the first time, CII and FICCI leaders participated in Australia, underscoring the importance of this bilateral relationship.
Diplomatic Engagements Reflect Strong Bilateral Ties
Frances Adamson AC, Governor of South Australia, hosted a lunch at Government House in honor of Minister Goyal and his delegation. Key attendees included:
Joe Szakacs MP, Minister for Trade, Investment, and Local Government of South Australia and Senator, Simon Birmingham, Leader of the Government in the Senate and Shadow Minister for Foreign Affairs.
The participation of bipartisan leaders emphasized Australia’s strong support for expanding ties with India.
Space Collaboration: Mission MAITRI
Minister Goyal, accompanied by Minister Farrell, visited the Australian Space Agency at Lot Fourteen Innovation Precinct. They engaged with Australian space companies, including the Space Machine Company, which is partnering with New Space India Limited (NSIL) to launch the largest satellite built in Australia using an Indian Small Satellite Launch Vehicle. This joint project, named Mission MAITRI, symbolizes the deep friendship between the two nations and represents a significant milestone in their Comprehensive Strategic Partnership.
Momentum for Stronger Economic Engagement
Minister Goyal’s visit has provided new momentum to the India-Australia relationship. Goyal noted the progress on the Economic Cooperation and Trade Agreement (ECTA) and ongoing negotiations for a Comprehensive Economic Cooperation Agreement (CECA), which have boosted market access and increased merchandise trade. He praised Australia’s role in India’s sustainable growth and emphasized India’s strengths, referencing the “4 Ds”—democracy, demographic dividend, demand, and decisive leadership under Prime Minister Narendra Modi, committed to reform, performance, and transformation.
In addition to reviewing the progress of CECA negotiations and ECTA implementation, he held several meetings with Australian and Indian business leaders in Sydney, further enhancing trade and investment opportunities.
This visit is expected to accelerate economic collaboration and drive both nations toward their AUD 100 billion trade goal by 2030, while also reinforcing their long-term strategic partnership.