The Business Council supports strengthening Australia-India relations through a stronger free trade agreement that will create greater economic opportunities for both nations.
BCA Chief Executive Bran Black welcomed Wednesday's bilateral meeting in Adelaide between Trade and Tourism Minister Don Farrell and Indian Minister for Commerce and Industry Piyush Goyal, to progress the Comprehensive Economic Cooperation Agreement (CECA) with India.
"The CECA is the second stage of the free trade agreement between Australia and India and follows the signing of the Economic Cooperation Trade Agreement (ECTA) in May 2022," Mr Black said.
"These discussions on CECA are critical to creating further opportunities for Australian businesses in one of the fastest growing economies in the world.
"The BCA has identified India as a key relationship for Australia to drive increased trade and investment, particularly in areas such as technology, education, agritech, renewable energy and resources."
The BCA hosts the Australia-India CEO Forum in partnership with the Confederation of Indian Industry. The CEO Forum brings together Australian and Indian corporate leaders to advise both governments on ways to strengthen the economic two-way relationship.
On Monday, the BCA hosted Minister Goyal in Sydney and engaged with members to discuss future growth opportunities.
"Finalising CECA will provide additional opportunities for businesses to leverage the strength of the Indian economy, which is set to be world's third largest economy by the end of the decade, Mr Black said."
The BCA supports the finalisation of CECA by the end of the year and congratulates the Australian government on the recent signing of the free trade agreement with the United Arab Emirates.
"One in four Australian jobs rely on trade, so finding new markets for our exports is critical to increasing our economic prosperity," Mr Black said.
"This agreement with the United Arab Emirates will deliver more Australian products into the Middle East and is a positive step for businesses of all sizes."
