Australia PM has announced recently a three pillar strategy in INDIA -AUS relations.
The focus of this report is on building a sustainable long-term India economic strategy. The report identifies 10 sectors and 10 states in an evolving Indian market where Australia has competitive advantages, and where it should focus its efforts. These are divided into a flagship sector (education), three lead sectors (agribusiness, resources, and tourism) and six promising sectors (energy, health, financial services, infrastructure, sport, science and innovation).
- Bilateral Trade: Australian exports to India are expected to grow from 14.9 billion dollars in 2017 to around 45 billion dollars in the next 20 year, and Australian investment to India rise from 10.3 billion dollars to over the 100-billion mark, reflecting a transformational expansion of the relationship.
- Civil Nuclear cooperation is another area. It is important for energy security and sustained uranium supply.
- Geostrategic Agreement: . India and Australia enjoy strategic position in Indo-pacific and therefore are natural allies in the region.
- Preserving the status quo-Both Australia and India support a rules based international order which currently is under increasing threat. Its defenders are shrinking and its challengers growing.
- To contain Chinese aggressive policy.
- In the last decade a large scale has been witnessed in the Indian Diaspora in Australia which now constitute 700,000 strong and the fastest growing large Diaspora in Australia. This Diaspora can play a big role to enhance the partnership by creating personal links, in business, arts, education, politics and civil society.