On Wednesday, Prime Minister Anthony Albanese unveiled “A New Roadmap for Australia’s Economic Engagement with India,” a strategic initiative designed to deepen economic ties and unlock mutual benefits for both countries. The launch event, held in Melbourne, was attended by Minister for Foreign Affairs Penny Wong, Minister for Trade and Tourism Don Farrell, and several other members of parliament from the state.
The roadmap identifies four key sectors—clean energy, education and skills, agribusiness, and tourism—as “superhighways of growth” where Australia and India have natural strengths and competitive advantages. It outlines nearly 50 specific opportunities to accelerate engagement across various fields, including defense industries, sports, culture, space, and technology.
“India is an essential partner as we diversify our trade links to boost prosperity for all Australians,” Prime Minister Albanese stated. “This roadmap is critical to helping us fully realize our potential with India, which will be a boon to Australia’s economy, our businesses and jobs, and our prosperity.”
To support the roadmap’s implementation, the government announced a $16 million Australia-India Trade and Investment Accelerator Fund, aimed at assisting Australian businesses in unlocking new commercial opportunities in India. Additionally, an extra $4 million will be invested in the Maitri (‘friendship’) Grants program to enhance people-to-people, business-to-business, and cultural links between the two nations.
Minister for Foreign Affairs Penny Wong emphasized the strategic importance of the initiative, stating, “Growing Australia’s economic security and diversifying our partnerships is a key element of our statecraft and central to our national interest. By boosting our economic ties with India, we are not only creating more jobs and opportunities for Australians, we are advancing our shared interest in a peaceful, stable, and prosperous Indo-Pacific.”
Minister for Trade and Tourism Don Farrell highlighted the vast potential of the Australia-India relationship, noting, “Australia has a rich and diverse Indian community, with strong personal and economic ties. The potential of our relationship with India is almost unmatched, opening a fast-growing market of over 1.4 billion people. The roadmap, the result of significant consultation with businesses and the community, offers a blueprint for Australian businesses to seize this extraordinary opportunity.”
The roadmap builds upon the existing Australia-India Economic Cooperation and Trade Agreement (ECTA), which has already saved Australian businesses hundreds of millions of dollars in tariffs and is on track to save exporters around $2 billion by the end of the year. Negotiations are also progressing on a new free trade agreement to further enhance trade opportunities.
Informed by over 400 consultations across every Australian state and territory, as well as in India, the roadmap reflects a comprehensive and collaborative effort to strengthen the economic partnership between the two nations.
For more information, the full roadmap document is available on the Department of Foreign Affairs and Trade website.
