On Wednesday, Australia introduced a plan to strengthen and expand its trade and investment partnership with India. To kickstart this initiative, the Australian government is investing $16 million in the Australia-India Trade and Investment Accelerator Fund.

The strategy focuses on four main areas of growth: clean energy, education and skills, agribusiness, and tourism. The roadmap provides a clear direction to enhance current efforts, increase investments between the two countries, and work closely with Indian-Australian communities and businesses. "India is an essential partner as we diversify our trade links to boost prosperity for all Australians," Australian Prime Minister Anthony Albanese said. "This roadmap is critical to helping us fully realise our potential with India, which will be a boon to Australia's economy, our businesses and jobs, and our prosperity," he added. A document from Albanese's office outlines nearly 50 specific ways to strengthen ties with India in areas like defence, sports, culture, space, and technology. 

The Australia-India Trade and Investment Accelerator Fund will support Australian businesses in entering India’s rapidly growing market and discovering new business opportunities. "Growing Australia's economic security and diversifying our partnerships is a key element of our statecraft and central to our national interest," Australian Foreign Minister Penny Wong stated. "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," she said. 

Australia’s Trade and Tourism Minister, Don Farrell, emphasised the important role of the Indian community in Australia. He noted that this diverse and vibrant community maintains strong personal and economic connections with India. "The potential of our relationship with India is almost unmatched, opening a fast-growing market of over 1.4 billion people," he said. "The roadmap, the result of significant consultation with businesses and the community, offers a blueprint for Australian businesses to seize this extraordinary opportunity," Farrell added. The Australian government has also committed an extra USD 4 million to the Maitri Grants program. This initiative is designed to strengthen connections between people, businesses and cultures of both nations. Australia's free trade agreement with India has already helped businesses save hundreds of millions of dollars. By the end of the year, exporters are expected to save around $2 billion in tariffs.

"These savings are directly benefiting Australians by reducing costs at checkout counters and creating local jobs," the government stated. Australia is moving forward in talks for a new free trade agreement with India, which will help grow trade and investment opportunities for Australian businesses.