India Exim Bank’s study titled “India’s Trade and Investment Relations with Australia: Recent Trends and Potential” was released at the hands of The Hon Barry O’Farrell AO, Australian High Commissioner to India in the presence of Mr. Peter Truswell, Consul General of Australia, Mumbai and Ms. Harsha Bangari, Managing Director, India Exim Bank, during a seminar titled “India-Australia: Evolving Trade and Investment Paradigm” on April 08, 2022, hosted by India Exim Bank. The event was also graced by Mr. John Hopkins, Chief Risk Officer and General Counsel, Export Finance Australia; Dr. Monica Kennedy, Senior Trade and Investment Commissioner, Austrade, Mumbai; Mr. Irfan Malik, President, New South Wales Chapter, Australia India Business Council; and Mr. Amit Bhandari, Senior Fellow, Gateway House Mumbai.
The study highlights the immense opportunities existing for enhancing trade and investment relations between India and Australia. The study notes that till the period prior upto 2020, the total trade between the two countries peaked at US$ 18 billion in 2017, with India’s exports to Australia amounting to US$ 4 billion and imports from Australia amounting to US$ 14 billion.
The study, through the trade complementarity analysis, recommends suitable product categories in which India has a latent advantage in exports, much in line with the huge import demand in Australia. The study suggests significant potential for India’s exports in categories such as machinery and mechanical appliances, electrical machinery and equipment, transport vehicles, pharmaceutical products, articles of apparel and clothing, among others. The study also highlights that their exists immense potential for expanding India-Australia investment relations. Australian economy offers opportunities for investment in critically important sectors like renewable energy, critical minerals etc. which have the potential to become future champion industries.
The Australian High Commissioner in his keynote address said there had “never been an easier time to speak about the potential of the Australia-India relationship, given the progress we have witnessed in the past few weeks alone… The Economic and Cooperation Trade Agreement [signed last week] provided the opportunity to properly harness the complementary nature of our economies in the areas highlighted by India Exim Bank’s report.”
Ms. Harsha Bangari, Managing Director, India Exim Bank in her address highlighted that India and Australia have been enjoying a strong and cordial relationship. Driven by existing complementarities and with the signing of recent Economic Cooperation and Trade Agreement (ECTA), the opportunities for bilateral collaboration in several fields are expected to multiply manifolds over the years. Ms. Bangari also added that India’s merchandise trade with Australia more than doubled from US$ 10.7 bn in 2020 to a record high of US$ 23 in 2021.
Mr. John Hopkins, Chief Risk Officer and General Counsel, Export Finance Australia in his address stressed upon the growing opportunities for Australia and India to work together on financing projects in areas of economic and strategic importance, particularly infrastructure and critical minerals.
With India-Australia trade recording an all-time high in 2021, the panellists deliberated upon the issues and prospects for enhancing India’s engagements in trade and investment with Australia, in diversified areas of mutual interest.
For further information, please contact:
Mr. David Sinate, Chief General Manager, Research & Analysis Group,
Export Import Bank of India, Centre One Building,
Floor 21, World Trade Centre Complex, Cuffe Parade,
Mumbai – 400005, T: 91-22-22860363, E-mail: firstname.lastname@example.org