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Australia and India: Trade and investment opportunities in changing geo-political environment
journal contributionposted on 21.09.2021, 05:40 by Anita MedhekarAnita Medhekar
It has been three decades since the Rao government’s 1990-91, New Economic Policy reforms opened the Indian economy and adopted globalisation, privatisation, trade liberalisation, and export promotion strategies. In 2018-19, for Australia, India was the fifth largest export market, and eight largest bilateral trading country, with access to a large and youthful market with approximately 1.3 billion population. International trade contributes 45 percent to Australia GDP creating one in five jobs. India will need to meet its demand for good and service for its growing population and economic growth aspirations, and form strategic bilateral trade, investment, and security relationship with a reliable partner like Australia. In November 2018, the India Economic Strategy – 2035 for economic partnership for trade and investment opportunities between India and Australia was launched by the Australian Department of Foreign Affairs and Trade. This paper will provide an overview of the Australian and the Indian economy and explore the extensive bilateral trade and investment opportunities at all levels that can be formed between Australia and India for mutually gain from trade and investment, given the dynamic geo-political environment and increasing uncertainties in the Asia-Pacific region. The final section presents policy implications, conclusion, and future research directions where Australia can play a significant role as a peace maker and sign a Free Trade Agreement with the SAARC countries together, for their mutual socio-economic advantage and inclusive growth to meet the United Nations 17 Sustainable Development Goals, which will give Australia access to a combined market for trade and investment with a total population of 1.836 Billion. Therefore, economic strategic partnership between India and Australia is paramount for creating opportunities for economic development, progress, prosperity of Indians and Australian citizens and security and peace in the Indo-Pacific region. Key Words: Australia, India, strategic partnership, trade, investment, economic development