ABOUT
India- Australia have become close friends in the past decade as both nations see themselves as natural allies with boundless synergies in business and innovation across sectors and industries. IBC Strategy aspires to deepen the business and innovation exchanges between Australia-India.
India and Australia
Meanwhile, in the past few years, the relationship between India and Australia has become stronger, which has opened a huge opportunity for Indian startups in Australia. The Economic Cooperation Trade Agreement (ECTA) – the first free trade agreement signed by India with a developed country in a decade – entered into force in December 2022 and has resulted in an immediate reduction of duty to zero on 96% of Indian exports to Australia in value (that is 98% of the tariff lines) and zero duty on 85% of Australia’s exports (in value) to India. Bilateral trade was US$ 27.5 billion in 2021, with ECTA, there is potential for it to reach around US$ 50 billion in five years. These new developments are a big testimony to the opportunity Australia holds for Indian businesses. The new-age startups now have a huge market open for exploration.
Why Australia?
Australia’s economy is quite robust and has also shown a lot of resilience to the pandemic and lockdown. The country’s growth rate remained strong at 3.8% in 2022, and the country’s GDP reached $1.357 trillion in purchasing power parity terms. Innovative Indian companies have tremendous opportunities in Australia as it’s a premium market where Indian companies could perform better in terms of margins.
Contact
Reach our to us with your project details and we will get back to you at the earliest
Address
Australia
Phone
+61-403-528524
gk@ibcstrategy.au