New Delhi: Economic relations between India and Australia are at their strongest ever, with bilateral trade growing rapidly and more opportunities ahead, Zoe Woodley, First Secretary for Economic, Energy and Climate Change at the Australian High Commission said on Wednesday.
Speaking to IANS on the sidelines of an interaction here, Woodley said trade ties between the two countries are at an all-time high, driven by the Economic Cooperation and Trade Agreement (ECTA).
“Australia and India are now working to upgrade the existing ECTA into a more comprehensive SECA agreement to further deepen economic engagement,” she said.
Woodley highlighted that since ECTA came into force, trade from India to Australia has increased by nearly 200 per cent in just a few years.
She described this growth as only the beginning, adding that both countries have much more to achieve together.
“Australia’s strength lies in its rich availability of raw materials, while India brings scale and manufacturing capability,” she told IANS.
“This combination allows both nations to jointly produce goods and supply them to global markets,” Woodley stated.
Sharing her view on India’s broader economic outlook, Woodley said India is widely recognised as the fastest-growing economy in the world.
“This fact clearly reflects the country’s growing importance in the global economic landscape,” she added.
Meanwhile, an Australian media article last month said that India’s recent FTAs reflect a strategic shift from defensive trade policy toward a targeted, growth-driven approach, which is focused on partners where trade complementarities are already strong, logistics are efficient, and economic interests are aligned.
The article by Anna Mahjar-Barducci in the Australian Institute of International Affairs stated that India is increasingly choosing partners where bilateral trade was already expanding and where agreements can amplify existing momentum rather than attempting to create new trade relationships from scratch.
(IANS)
