Australia is pushing deeper economic ties with India to drive growth in an ‘underdone’ trade relationship, Trade Minister Steve Ciobo says.
In a speech to be delivered at an event in Melbourne on Tuesday, Mr Ciobo will say there are huge opportunities to develop businesses with the sub-continent.
‘Our economic relationship with India is underdone. It is very much in our interests to fix this,’ Mr Ciobo will say.
He wants Australia to develop relationships with large Indian states, such as Maharashtra, home to India’s film and television capital of Mumbai.
‘Maharashtra offers diverse opportunities for Australian firms in education and training, urban infrastructure, financial services, agribusiness and energy sectors,’ Mr Ciobo says.
Australia recently released a report on how trade links with India could be better used, and Mr Ciobo says India is planning a similar document.
‘We have a huge asset for our relations with India in our Indian diaspora – our fastest growing large diaspora,’ he will say.
‘Victoria is home to the largest Indian community of any Australian state.
‘Here’s one good measure of the Indian diaspora’s business success: they are Australia’s second highest tax-paying diaspora.’
Mr Ciobo says Australia will try to take advantage of India’s push to get more university qualifications, as well as opportunities in agriculture and technology.
He also says Australia expects to ratify the Trans Pacific Partnership by the end of the year, aiming for it to be in force in the first half of 2019.