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Wednesday, October 28, 2020

Australia India Business Council & Export Council of Australia forge strategic partnership to boost exports and bilateral trade

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Australia India Business Council Ltd (AIBC), the peak body for promoting and enhancing bilateral business and trade between the two countries, has established a strategic partnership with Export Council of Australia (ECA), the peak membership body for companies involved in international business, with a joint goal of fast tracking the bilateral Australia-India economic relationship and boosting exports and bilateral trade.

The strategic partnership is based on a three-pillar strategy of Policy, Education and Engagement. ECA members will gain more information about Indian opportunities and AIBC members in India and Australia will gain more access to ECA informative sessions to do business with each other.

Jim Varghese AM, National Chair of AIBC said: “I am confident that this Australia India Business Council & Export Council of Australia strategic partnership will generate more opportunities for members of both councils moving forward. ECA has a long history of supporting Australian businesses and is an ideal partner for AIBC to promote and facilitate the bilateral trade between the two countries. India’s scale is one of the largest opportunities for Australian businesses.”

The India Economic Strategy to 2035 report outlines that Australian exports to India will grow to $45 billion and outward Australian investment to India could cross the $100 billion mark reflecting the transformational expansion and opportunities of this relationship.

Dianne Tipping, Chair of Export Council of Australia said: “The Export Council of Australia and Australia India Business Council strategic partnership promises to make it easier for exporters to do business with India and avail the huge opportunities in many sectors in India that are available. The global pandemic has emphasised the importance of maintaining healthy global supply chains. Australian businesses will need to broaden their horizons in exporting and looking towards India is a logical port of call.”

The AIBC-ECA partnership has come about following an AIBC webinar, during which distinguished speakers – including ECA’s Dianne Tipping – discussed the implications on bilateral business and economy of June’s virtual Australian and Indian Prime Ministers summit, during which nine Comprehensive Strategic Partnership (CSP) agreements were signed, with the unanimous message being ‘the time is ripe now’ for bilateral engagement. Trade between India and Australia has immense possibilities.

AIBC and ECA have established a joint working committee to plan and implement identified programs and initiatives in line with the strategic partnership strategy.

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