Improving bilateral trade between India and Australia
India and Australia have been enjoying a healthy bilateral trade relationship for several years. This trade relationship got a further boost when the two nations implemented the India-Australia Free Trade Agreement on December 28, 2022.
The implementation of this agreement has been beneficial for both countries, as it has led to an increase in the volume of trade. Last year, India's exports to Australia reached 422 billion dollars, which was a significant increase compared to the previous years.
To further strengthen their trade ties, the Australian Prime Minister is scheduled to visit India next month. During this visit, India and Australia will be holding a conference, where they will discuss ways to boost bilateral trade. The conference will provide an opportunity for the two nations to explore new avenues for trade and investment.
India and Australia have identified several sectors where they can collaborate and enhance their trade relationship. These include education, agriculture, mining, and technology. Both nations are keen to explore these sectors and increase their bilateral trade.
Looking ahead, India is expecting to touch exports worth 435 to 445 billion dollars to Australia this year. This is a testament to the strong trade relationship between the two nations and their commitment to further strengthen it.
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