Mumbai: The bilateral trade in goods and services between India and Australia registered USD 48 billion and has the potential to double to nearly USD 100 billion by 2029, said the Consul General of Australia in Mumbai, Ms Majell Hind.
With its large reserves of critical minerals such as Lithium, Cobalt and other rare minerals, Australia can become India’s key strategic partner in attaining mineral security for sustainable growth and carbon neutrality, said Hind.
She was addressing an event organized by Indo-Australian Chambers of Commerce jointly with the Australian Consulate-General, Newland Global Group, World Trade Centre and All India Association of Industries.
The Consul General of Australia was of the opinion that the recently signed trade agreement is beneficial for India as its trade deficit with Australia had dropped by 15 per cent since the implementation of this pact.
Ms Hind said in a statement that the bilateral trade relations between the two countries — Australia and India — are at their historic peak as it has grown by 50 per cent. In the last two years, driven by the Economic Cooperation and Trade Agreement.
Indian businessmen had benefitted by getting critical minerals at a competitive price and getting access to the Australian market at a “preferential” rate, Ms Hind added.
