As per the Australian government’s India Economic Strategy (IES) to 2035 update, one in every five students studying in Australian universities is from India. As of December 2021, Indian international students made up the largest group of overseas students in Australia at 19% followed by China at 17%.
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The update details action plan on bilateral trade, energy, education and infrastructure, among other sectors.
It said that under the India-Australia Comprehensive Economic Cooperation Agreement (CECA), Canberra will also seek improved access for service suppliers, and modern investor protections to increase investor confidence and drive investment, with appropriate safeguards for governments’ rights to regulate.
“An agreement could facilitate digital trade by including modern and forward-looking rules which support the use of digital tools to enable trade,” it said. The IES was first released in 2017.
The two have formally relaunched negotiations for a Comprehensive Economic Cooperation Agreement (CECA) and with the aim of concluding a full CECA by the end of 2022.
The CECA should deliver improved goods market access across resources and energy, agriculture, processed food and beverages, and industrial products, it said.
“The IES highlighted India’s positive investment fundamentals. These have further improved since the launch of the IES and opportunities for Australian investment in India are significant,” it said.
As per the report, this update is “grounded in the principles of gender equality, inclusion, diversity and equity, which will be integrated into the implementation of this five-year plan of action”.
Australia said it still aims to achieve 1.2 million Indian arrivals by 2035, likely to be worth over A$9 billion a year to the Australian economy.
“To position Australia as a preferred technology partner, the government will step-up to assist Australian technology businesses to break
into India and ensure that Australia is a ‘must consider’ source of leading-edge technologies and game-changing products,” it said.
As per the report, Australia will work with industry to establish an Australia-India Future Skills Initiative to give Australian education, skills and edtech providers access to the India market, showcase Australian capabilities, and position Australia as an education partner of choice.
