India – Australia Economic Strategy Report – UPSC GS2

Strategy is an ambitious plan to transform India’s trade & economic policies with Australia’s economic partnership.

Presently, there is tremendous scope for Australian investment as India eases its FDI norms & opens up different sectors.

India was Australia’s eighth-largest trading partner and fifth-largest export market in 2018-19, driven by coal and international education.

Newer areas like space, nuclear energy, defence production, sports, textiles etc. will open up good opportunities for mutual engagement.

Economic and commercial relations: Bilateral goods and services trade between two was $30.3 billion in 2018-19.

Defence and security cooperation: Both signed Strategic Partnership, Civil Nuclear Cooperation Agreement (to secure uranium from Australia).

Science and Technology: Australia-India Strategic Research Fund to collaborate on leading-edge research, Agreement on Cyber and Cyber-Enabled Critical Technology.

Global Cooperation: Both are part of QUAD, and also proposed Supply Chain Resilience Initiative, share common concern against Chinese aggression and assertive foreign policy.

People to People Relations: Indian diaspora 20-12-2020 15:31 (nearly 7 lakh) is the fastest growing in Australia.