Sydney to host ITTT office for facilitating trade issues with India
Commerce and Industry Minister Piyush Goyal has called for exploiting the tremendous business opportunities jointly by India and Australia as the two countries work to achieve US$100 billion bilateral trade by 2030 fieo.org .
He announced the opening of an Investment, Trade, Technology and Tourism (ITTT) office in Sydney which will have representation of Invest India, NICDIC, Export Promotion and DGFT including private sector (participation by CII). The primary mandate of this office would be facilitating trade issues between investors and businesses on both sides atoai.org.
As he co-chaired the 19th India-Australia Joint Ministerial Commission meeting held 25 Sept in Adelaide, Goyal stressed on the unprecedented levels of trust and friendship between the two countries, underscored by the nine meetings held by the two countries’ Prime Ministers since May 2022 sbi .
The meeting was held with Minister of Trade and Tourism Don Farrel commerce.gov.in.
He spoke about 10 years of ‘Make in India’ initiative, pointing out that it was based on the whole of government approach to address the challenges faced by manufacturers in India nseindia .
Over the last 10 years, India achieved groundbreaking achievements in key sectors like manufacturing, technology, and infrastructure, Goyal pointed out, emphasising how ‘Make in India’ and ‘Future Made in Australia’ could be synergistic in their approach bseindia .
He also spoke about the 4 D strengths of India—Decisive leadership, Demand of 1.4 billion aspirational Indians, Demographic Dividend with average age of India being 28.4 years, and Democracy makeinindia.com .
The Minister also flagged outstanding issues of Economic Cooperation and Trade Agreement (ECTA) for early progress including timely conclusion of Mutual Recognition Agreements (MRAs) in Services and Organics amongst others deutsche-boerse .
He acknowledged on building more people-to-people engagements and increasing aviation connectivity between the two countries asx.com.au/ .
Further, he emphasised on how India offers an array of aspirational and highly skilled workforce with cutting edge knowledge, which could befittingly complement Australia’s demand in professional services digitalasiahub .
The committee also discussed greater cooperation at multilateral and other forums- G20, IPEF and WTO including the Domestic Services Regulation issue iba.org.in.
The committee aimed for expediting the conclusion of CECA with a greater flow of goods and services along with increased investment for people and businesses on both sides civilaviation.gov.in. Fiinews.com
