Australian Prime Minister Anthony Albanese has emphasised the importance of strengthening economic ties with India to create jobs in Australia. The Albanese Government recently launched a new roadmap aimed at maximizing Australia's trade opportunities with India, which is projected to become the world's third-largest economy by 2030.

This initiative focuses on four key sectors: clean energy, education and skills, agribusiness, and tourism, identified as "superhighways of growth" where Australia has a competitive edge.

To support this effort, Australia is investing $16 million in the Australia-India Trade and Investment Accelerator Fund. This fund will help Australian businesses unlock new commercial opportunities in India's fast-growing market.

Additionally, an extra $4 million is being invested in the Maitri Grants program to enhance people-to-people, business-to-business, and cultural links between the two nations.

The existing free trade agreement with India has already saved Australian businesses hundreds of millions of dollars and is expected to save exporters around $2 billion in tariffs by the end of the year. These savings are benefiting Australians by reducing costs and creating local jobs.

The government is also progressing negotiations for a new free trade agreement to further expand trade and investment opportunities.

Prime Minister Albanese highlighted India as an essential partner in diversifying Australia's trade links, which will boost prosperity for all Australians. The roadmap was developed following over 400 consultations across Australia and India, reflecting a collaborative approach to seize the opportunities presented by India's growing economy.

ANI