Former Australian Prime Minister Tony Abbot is in Delhi to celebrate the recently signed India-Australia Economic Cooperation and Trade Agreement (ECTA).
Addressing the delegates at a special dinner organised by the India-Australia Strategic Alliance and Indian Business Consortium, the former PM praised India for its manufacturing capabilities.
“India has a very sophisticated manufacturing base.”
More than 150 top Indian and Australian entrepreneurs and business leaders joined this evening. Special guests at this function included Mr. Naveen Jindal (Chairman of Jindal Group) and Mr. Manoj Tiwari (Member of Parliament).
Mr. Dharmendrakumar Patel, founder of Aussizz Group, who is part of the Australian delegation observed:
“Hon Tony Abbott raised very important points related to India’s relationship with Australia, especially the importance of Indian Diaspora in Australia which is playing an important role.”
During the dinner, Abbott praised the joint efforts by the countries’ leaders; especially Prime Minister Narendra Modi and his Australian counterpart, Prime Minister Scott Morrison, in strengthening diplomatic and strategic relations. He also made a special mention of commerce minister Piyush Goyal and Dan Tehan, the trade and tourism minister of Australia.
This event comes as India and Australia are working to develop strong partnerships on all fronts, especially on trade. Australia is the 17th largest trading partner of India and India is Australia’s ninth-largest trading partner.
Abbott is considered one of the key architects of the newly signed comprehensive interim free-trade agreement that permits zero-duty trade on several items. Further, the ECTA is expected to double the bilateral trade from USD 27.5 bn (2021) to about USD 45 to USD 50 Billion in the next five years.
The trade agreement also unlocks huge opportunities for exports of automobiles, textiles, footwear and leather products, gems and jewelry, toys, and plastic products in India.
This event was facilitated by Dr Jagvinder Singh Virk, Chairman of the India-Australia Strategic Alliance and organised by members of the Indian Business Consortium – Pramod Sharma (Trustee Director – Laxmi Narain Foundation, Founder Promoter -UV Group (UVARC and UV Special Situation Fund), Dr. Shanemeet Singh Sidhu (Economic Adviser, Founder: Brain Tree IAS), Ramesh Chandra Agarwal (Managing Director – Mohani Tea), CA Rajesh Sharma (Former ICAIICSI Central Council Member, Former BHEL Director), CA Ishant Juneja (Founder of Rrayze Business Solutions).
India Australia Strategic Alliance and Indian Business Consortium support India Australia business ventures especially entrepreneurs interested in exploring synergies across multiple countries across industries and sectors.