australia trade pact: Oz 2020 investment in India similar to 2018: Australian govt

New Delhi: Australia said on Tuesday that Covid-19 impacted its investments in India to a degree in line with trends elsewhere in Asia, but that overall Australian investment stocks in 2020 were at 2018 levels, and five years to 2019 The trend was up to 15.1% growth.

According to the 2035 update from the Australian Government’s India Economic Strategy (IES), one in five students studying in Australian universities is from India. As of December 2021, Indian international students made up the largest group of foreign students in Australia at 19%, followed by China at 17%.

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The update details the action plan on bilateral trade, energy, education and infrastructure, among other sectors.

It said that under the India-Australia Comprehensive Economic Cooperation Agreement (CECA), Canberra will seek better access to service suppliers and modern investor protections to enhance investor confidence and boost investment, as well as government regulation. With appropriate safeguards for the rights of.

“An agreement can facilitate digital trade by incorporating modern and forward-looking regulations that support the use of digital tools to enable trading,” it said. IES was first released in 2018.

The two have formally started negotiations for a Comprehensive Economic Cooperation Agreement (CECA) with the aim of concluding a full CECA by the end of 2022.

CECA should provide resources and better goods market access in energy, agriculture, processed food and beverage, and industrial products.

“IES highlights India’s positive investment fundamentals. These have further improved since the launch of IES and the opportunities for Australian investment in India are significant,” it said.

According to the report, the update is “based on the principles of gender equality, inclusion, diversity and equality, which will be integrated into the implementation of this five-year action plan”.

Australia said it still has a target of achieving 1.2 million Indian arrivals by 2035, with the potential for the Australian economy to exceed $9 billion per year.

“In order to position Australia as a preferred technology partner, the government will take steps to help break into Australian technology businesses”

in India and ensuring that Australia is a ‘must-consider’ source of leading technologies and game-changing products,” it said.

According to the report, Australia to establish the Australia-India Future Skills Initiative to provide Australian education, skills and edtech providers access to the India market, showcase Australian capabilities and position Australia as the education partner of choice Will work with industry.

Originally published at Pen 18