Australian Businesses Advocate for a Comprehensive FTA with India
Leaders from business and government highlight trade potential, call for greater private sector engagement and a comprehensive free trade agreement.
“India holds immense strategic and economic importance for Australia. The Australian government has recently launched an India-specific strategy titled ‘New Roadmap for Australia’s Economic Engagement with India’, aimed at deepening and broadening its trade and investment relationship with India,” said Mr. Yann Sinclair, Vice Consul at the Australian Consulate General in Mumbai, during a business networking session organized by the All India Association of Industries and World Trade Center Mumbai.
Addressing the audience, he further added, “There is significant trade and investment potential between the two countries. While the governments of both nations are working closely to create an enabling ecosystem that fosters deeper economic collaboration, regular interactions between businesses, facilitated by trade promotion organizations such as AIAI and WTC Mumbai, can also play a crucial role in connecting enterprises and enhancing bilateral ties. We look forward to participating in and hosting more such business interactions, so that companies from both countries can gain a better understanding of each other and trade more effectively.”
Earlier in her welcome address, Ms. Rupa Naik, Executive Director of WTC Mumbai, underscored the importance of the Economic Cooperation and Trade Agreement (ECTA) as a key driver in enhancing bilateral trade and investment between India and Australia.
She stated, “In the last five years, bilateral trade between India and Australia has more than doubled, rising from USD 10.7 billion in 2020 to USD 22.4 billion in 2024. This month marks the third anniversary of the India-Australia Economic Cooperation and Trade Agreement. Since its implementation, ECTA has emerged as a pivotal catalyst for trade and investment growth. However, there remains immense untapped potential in both trade and investment between our two countries. Both nations may consider expediting the negotiation process for a comprehensive trade agreement to fully unlock the economic potential of this partnership.”
Mr. Raman Bhalla, President of the Sydney Investors, Professionals and Business Network Inc., highlighted the growing importance of India-Australia relations amidst shifting global trade dynamics. He stated, “Amidst the rising global trade protectionism, India stands out with its trade liberalization policies, including tariff reductions. India, with its vast consumer base, presents tremendous economic opportunities for Australian businesses. To fully leverage this potential, Australia must strategically identify and engage in key sectors such as defence, agribusiness, critical minerals, renewable energy, and food & beverages.”
Emphasizing the need to strengthen bilateral trade, Mr. Bhalla observed, “Currently, business between India and Australia stands at around USD 40 billion, compared to USD 400 billion worth of business between Australia and China. There is a clear need for businesses on both sides to convert these opportunities into tangible value and actionable outcomes. The challenges that exist must be addressed through practical, commercial solutions. Both nations must move beyond cricket and actively explore opportunities in other entertainment sectors through focused and incremental steps. While there is ample policy and government support from both sides, what is now required is the willingness of private businesses to showcase viable strategies and take proactive steps to strengthen business ties.”
He concluded by inviting global businesses to collaborate further, stating, “I encourage all companies to participate in CAP Tech 2025 in Sydney to explore new avenues of collaboration and deepen economic ties between our nations.”
Highlighting the importance of business networking, Ms. Malini Dutt, Trade and Investment Commissioner – India, Investment NSW, stated, “In the context of rising geopolitical tensions and the recent tariff announcements by the USA, initiatives like this networking session are crucial. Australia must recognize its geographic isolation and proactively expand trade with reliable, like-minded partners.”
Speaking about the untapped potential, she added, “India does not yet feature among the top 10 trading partners of New South Wales, even though there is immense scope for both regions to enhance trade relations. Through sustained diplomatic efforts, a robust framework has been established between India and Australia in the form of the Economic Cooperation and Trade Agreement (ECTA). Now, it is up to the business communities of both nations to take the lead in leveraging this framework to foster deeper economic collaboration.”
Commenting on the prospects of a comprehensive free trade agreement between India and Australia, she said, “Since the implementation of ECTA, bilateral trade has witnessed remarkable progress. There is great enthusiasm within the business communities of both countries regarding the strengthening of India-Australia relations. India and Australia are natural allies with strong complementarities. A comprehensive free trade agreement is a vital tool to fully harness these complementarities, and it remains one of our key priorities.” She also emphasized that the ECTA is only the second such agreement India has signed with a developed country in decades, underlining its strategic significance.
Ms. Dimple Merchant, Committee Member and Regional Coordinator of the ANZ India Business Chamber, highlighted the importance of the India-Australia-New Zealand partnership in building a progressive Indo-Pacific region. She stated, “India, Australia, New Zealand, and Singapore together form a dynamic belt of opportunities. These countries share strong complementarities and can leverage each other’s strengths to foster sustainable and inclusive economic growth in the region. India, with its large market size, is gradually emerging as a global economic powerhouse, encompassing global capacity centers, manufacturing hubs, and R&D facilities. As the global services industry continues to evolve, India is well-positioned to play a crucial role in driving front-office operations for advanced economies such as Australia, New Zealand, and Singapore through its highly skilled human resource talent.”
Ms. Merchant further informed the audience about the role of the ANZ India Business Chamber in facilitating trade and investment across the Indo-Pacific. She added, “The ANZ India Business Chamber is a one-of-its-kind bi-national business forum, offering equal representation to Indian and Australian businesses. Its mission is to strengthen business across the Indo-Pacific, with a special focus on India, Australia, New Zealand, and Singapore.”
The event was attended by the WTC Mumbai committee members along with industry leaders, businesses, MSMEs and startups from various sectors
Ms. Sangeeta Jain, Senior Director, All India Associations of Industries proposed the vote of thanks for the event.
Mr. Raman Bhalla, President, Sydney Investors Professionals and Business Networking Inc (SIPBN), Ms. Sarah Morgan, CEO, CapTech2024, SIPBN, Ms. Dimple Merchant, Committee Member & Regional Co-ordinator, ANZ India Business Chamber, Ms. Rupa Naik, Executive Director of World Trade Center Mumbai, Ms. Sangeeta Jain, Senior Director, All India Association of Industries and Ms. Malini Dutt, Trade and Investment Commissioner, India, Investment NSW at the event