Albanese Government Unveils Roadmap to Strengthen Australia-India Economic Ties. The Albanese Government has unveiled a comprehensive roadmap aimed at deepening Australia’s economic engagement with India, one of the world’s fastest-growing economies. Titled A New Roadmap for Australia’s Economic Engagement with India, the plan seeks to maximize trade opportunities, secure supply chains, and create jobs for Australians while fostering stronger bilateral ties.
With India’s economy on track to become the world’s third-largest by 2030, the roadmap outlines a strategic pathway to harness the immense potential of this relationship. It focuses on boosting two-way investment, enhancing collaboration with Indian-Australian communities and businesses, and identifying key sectors for growth.
Four Superhighways of Growth
The roadmap highlights four priority sectors—clean energy, education and skills, agribusiness, and tourism—as “superhighways of growth” where Australia holds a competitive edge. These sectors are expected to drive economic expansion and create new opportunities for Australian businesses.
Additionally, the plan identifies nearly 50 specific opportunities across diverse fields, including defence industries, sports, culture, space, and technology, to accelerate engagement and innovation.
Investments to Fuel Growth
To support this ambitious initiative, the government has announced a $16 million investment in the Australia-India Trade and Investment Accelerator Fund. This fund will help Australian businesses unlock new commercial opportunities in India’s rapidly growing market.
An additional $4 million will be allocated to the Maitri (‘friendship’) Grants program, which aims to strengthen people-to-people, business-to-business, and cultural links between the two nations.
Building on Success
The roadmap builds on the success of the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA), which has already saved Australian businesses hundreds of millions of dollars. By the end of this year, the agreement is expected to save exporters around $2 billion in tariffs, reducing costs for consumers and creating local jobs.
Prime Minister Anthony Albanese emphasized the importance of the roadmap, stating, “India is an essential partner as we diversify our trade links to boost prosperity for all Australians. This Roadmap is critical to helping us fully realise our potential with India, which will be a boon to Australia’s economy, our businesses and jobs, and our prosperity.”
A Strategic Partnership
Minister for Foreign Affairs, Senator Penny Wong, highlighted the strategic significance of the initiative, saying, “Growing Australia’s economic security and diversifying our partnerships is a key element of our statecraft and central to our national interest. By boosting our economic ties with India, we are not only creating more jobs and opportunities for Australians, we are advancing our shared interest in a peaceful, stable and prosperous Indo-Pacific.”
Minister for Trade and Tourism, Senator Don Farrell, underscored the potential of the Australia-India relationship, noting, “Australia has a rich and diverse Indian community, with strong personal and economic ties. The potential of our relationship with India is almost unmatched, opening a fast-growing market of over 1.4 billion people. The Roadmap, the result of significant consultation with businesses and the community, offers a blueprint for Australian businesses to seize this extraordinary opportunity.”
A Collaborative Effort
The roadmap was developed following over 400 consultations across every Australian state and territory, as well as in India, ensuring a comprehensive and inclusive approach.
For further details, imagery is available from the Department of Foreign Affairs and Trade Media Library, and a live stream of remarks can be accessed on the Department of Foreign Affairs and Trade YouTube channel.
