Mumbai, August 21: India’s growing trade relations with Australia, the UK, and New Zealand are creating new opportunities across various sectors, including goods, services, investment, sports, critical minerals, and agriculture. This information was shared by senior officials from these countries on Friday.
Paul Murphy, the Australian Consul General in Mumbai, emphasized that trade between India and Australia should be viewed as a two-way relationship. Both economies offer products, expertise, and capabilities that can fulfill each other’s needs.
Murphy stated, “For us, trade is a two-way street. We recognize the complementarity that exists between Indian and Australian economies.” He noted that Australia cannot efficiently produce everything it needs, while India’s large population has diverse needs and aspirations that Australian companies can help meet.
The Australian official highlighted that both countries are expanding cooperation beyond traditional trade sectors. Referring to the Australia-India Sports Collaboration Roadmap, he mentioned that this partnership covers multiple areas and is now evolving into practical cooperation.
Scientists from Australia’s CSIRO are collaborating with Indian researchers to assess India’s resource base and explore the potential uses of minerals like lithium. Murphy pointed out that Australia is the world’s largest exporter of lithium and possesses several other critical minerals that present investment opportunities.
Discussing the India-UK Comprehensive Economic and Trade Agreement (CETA), Additional Director General of Foreign Trade R.K. Mishra stated that this is India’s most ambitious trade agreement to date. It encompasses various sectors, including investment, movement of people, and services.
Mishra remarked, “The key feature of this agreement is that it is India’s most ambitious trade deal.” He added that 99 percent of Indian products will now face zero tariffs in the UK.
New Zealand also sees significant collaboration potential with India, particularly in agriculture. Graham Rouse, New Zealand’s Trade Commissioner and Consul General for India and South Asia, highlighted the substantial difference in apple productivity between the two countries.
He noted that New Zealand averages about 50,000 tons of apples per hectare, while India’s average is around 8,000 tons per hectare. Rouse also mentioned that the production seasons of both countries complement each other.
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