In a bid to strengthen relations between Australia and India, the Albanese Labor government has announced the establishment of a new Centre for India-Australia Relations. This move comes as India is on track to become the world’s third-largest economy by the end of the decade, presenting significant opportunities for Australia. The Centre, which will be located in Parramatta, a western Sydney suburb with a large Indian expat community, aims to serve as a hub for government, business, academia, the cultural sector, and Indian-Australian communities.
According to Minister for Foreign Affairs, Senator Penny Wong, working closely with the Indian-Australian communities, which are the fastest-growing diaspora in Australia, will enable better response to the diverse and evolving nature of India. The Centre’s CEO and Director Network will play a crucial role in assisting Australian business leaders in engaging with India’s growth story. This collaboration will not only foster stronger ties between the two countries but also position Australia favorably in terms of economic opportunities arising from India’s growth.
In addition to the establishment of the Centre, the Australian government has announced the Maitri Scholars Program. This program offers scholarships to exceptional Indian students to pursue STEM degrees in Australia. Five Indian nationals have been selected as part of this program and will undertake PhDs focused on STEM research topics such as advanced manufacturing and clean energy solutions. Furthermore, seven Maitri fellows will conduct research projects exploring the shared geostrategic and economic future of Australia and India. These projects will cover areas like maritime security, climate change response, and secure supply chains. The Maitri scholars and fellows are expected to contribute to a deeper understanding of the Australia-India relationship while fostering lifelong connections.
To further strengthen economic ties between Australia and India, the Australian government will initiate consultations on a future Australia-India economic roadmap. This roadmap will build upon the 2018 India Economic Strategy authored by Peter Varghese and aims to enhance the bilateral trade relationship between the two nations. The roadmap will address key areas such as agriculture, manufacturing, and market access. These efforts are part of Australia’s ongoing negotiations for a free trade agreement with India.
The recent budget has allocated $14.3 million in funding to expand the Australia-India Business Exchange, focusing on sectors like agrifood, education, technology, and energy and resources. Additionally, there are plans for trade missions to Bangladesh and Sri Lanka to promote trade across the wider South Asia region.
Minister for Trade and Tourism, Senator Don Farrell, highlights the significant benefits for Australia, stating that since the implementation of a new trade deal with India, Australian businesses have seen a massive boost in exports. He believes that the India economic roadmap will further accelerate Australia’s efforts to tap into India’s growth potential and capitalize on the vast trade and investment opportunities available.
The CEO of the Centre for Australia-India Relations, Tim Thomas, emphasizes the importance of the Centre in facilitating collaboration and seizing opportunities presented by India’s growth. He expresses excitement about establishing the Centre’s headquarters in Parramatta, a thriving innovation ecosystem and a hub for the Indian-Australian community. The Centre aims to mobilize Australian stakeholders to take advantage of the tremendous opportunities that India’s growth offers.
Overall, the establishment of the Centre for India-Australia Relations, along with initiatives such as the Maitri Scholars Program and the future Australia-India economic roadmap, demonstrates Australia’s commitment to deepening ties with India. These efforts not only provide a platform for collaboration but also pave the way for increased trade, investment, and cultural exchange between the two nations. By capitalizing on India’s projected economic growth, Australia aims to secure a prosperous future and strengthen its position in the global market.
