The Business Council of Australia (BCA) has entered into a memorandum of understanding (MoU) with the Federation of Indian Chambers of Commerce and Industry (FICCI), to create greater economic opportunities for businesses from both nations.
The MoU is aimed at strengthening the trade and investment partnership, by cooperating on shared areas of advantage and identifying new areas of growth in emerging markets.
The objective of the MoU is to also collaborate through research, advocacy and joint events, with an onus on access to markets and investment.
BCA Chief Executive Bran Black, who signed the MoU in New Delhi, said growing relations with Indian businesses is a priority and the new partnership with FICCI would enhance dialogues between industries.
"Growing the Australia - India relationship is business led because businesses are best placed to identify mutual opportunities for growth, particularly in areas of education and skills, renewable energy and digital," Mr Black said.
"India is Australia's fifth largest export market and its projected growth will help underpin the future success of so many of our industries.
"While governments have invested in the architecture to support Australia's economic relationship with India, including with the signing of the Economic Cooperation Trade Agreement (ECTA), opportunities in new markets will be driven by Indian and Australian companies working together."
Two-way trade with India is valued at around $46.5bn, but there remains significant opportunity to increase the trade and investment outcomes for both countries.
In Financial Year 2022-23, Australian exports to India came in at $32.5bn, while imports came in at $12.6bn.
At the end of 2022, Australia's stock of investment in India was $17.6bn, while India's total investment in Australia was $34.5bn.
Mr Black noted the MoU would support better information sharing between the organisations.
"This MoU will provide benefits for all involved and will allow the BCA to leverage information that will assist Australian companies further access opportunities in collaboration with Indian counterparts," Mr Black said.
FICCI was first established in 1927 and is one of the peak business groups in India. It serves members by influencing and encouraging debate on policy and represents around 250,000 businesses in India.
