India-Auz bilateral trade offers opportunities: Jack; Australian deputy consul general Jack engages in dialogue with city entrepreneurs at CMIA

Chhatrapati Sambhajinagar: Christian Jack, the Australian deputy consul general in Mumbai, visited the Chamber of Marathwada Industries and Agriculture (CMIA) in Chhatrapati Sambhajinagar on Tuesday and discussed the opportunities for bilateral trade and cooperation between India and Australia.

Various sectors of cooperation between the two countries, as well as avenues for trade and investment growth, were explored.

$52 billion trade between 2 countries

Jack said in 2020, the Economic Cooperation and Trade Agreement (ECTA) was signed between the two countries. Currently, the annual trade between India and Australia stands at $52 billion. Australia exports gold and coal, while India supplies refined petroleum. There are opportunities for cooperation in sectors such as education, agriculture, traditional energy, and tourism. Around 5 lakh Indian students are studying in Australia, and two Australian universities have set up campuses in India.

Australian advanced technology in the agricultural sector can assist in making Indian agriculture more sustainable and efficient. Additionally, Australia's lithium reserves can play a significant role in India's renewable energy sector. The increasing participation of Indian travelers in Australian tourism is also a crucial aspect.

CMIA president Arpit Save said Chhatrapati Sambhajinagar has significant opportunities in the India-Australia bilateral trade.

Rishikesh Jaju, head of CMIA's Trade Facilitation Cell, suggested establishing technology partnerships, launching joint ventures, and drafting Memorandums of Understanding between like-minded chambers of commerce in India and Australia.

Former CMIA president Giridhar Sanganeria urged Australia to consider investing not just in metro cities but also in tier-2 cities like Chhatrapati Sambhajinagar. Research officer Australian Consulate Aishwarya Verma was also present.