Australian Economy
Mumbai at the Centre of Australia’s Economic Engagement with India, Says Australian High Commissioner Philip Green | Mumbai News
During a visit to the city earlier this week, Australian High Commissioner to India Philip Green said that Mumbai sits at the centre of Australia’s economic engagement with India. Green said that when Australian companies think of India, most of them will think of Mumbai and it’s often the first stop for Australian firms looking to explore opportunities in India’s rapidly growing market. Green said he doesn’t see this view changing any time soon.
Green pointed out that the Economic Cooperation and Trade Agreement (ECTA) between Australia and India (signed in 2022) is already helping Maharashtra’s exports of industrial goods (steel and other products) to Australia and is benefitting Maharashtra’s wine and cotton industries. Green quoted Union Commerce and Industry Minister Piyush Goyal saying the ECTA as it will help create lakhs of jobs in labour-intensive industries and pointed out that Maharashtra stands to make special gains because of the ECTA. Green said he would encourage Australian skills providers to look at partnering with industry in Maharashtra to deliver the industry relevant skills needed to drive Maharashtra’s economy into the future.
Green spoke to TOI on the sidelines of his meetings with a range of political and business leaders in the city to further accelerate Australia’s growing trade and investment partnership with Maharashtra.
“ECTA has eliminated tariffs on over 96% of Indian exports to Australia. And this deal is bringing practical benefits for exporters here in Maharashtra. At the moment, ECTA’s utilisation rate is above 75%, among the highest of your (India’s) free trade agreements.And this is having a real effect. Indian exports of agricultural goods to Australia are up 15%, textiles exports are up 10% and jewellery exports are up 6%. All these sectors are ones where Maharashtra excels and stands to benefit. Our ambition doesn’t stop with ECTA. Our Comprehensive Economic Cooperation Agreement (CECA) is the next big step. Once the CECA is finalised, firms in Maharashtra will be well positioned to do even more business in, and with, Australia,” Green said.
“ECTA is benefitting Maharashtra’s wine and cotton industries. The Australian wine industry has seen Indian wine production in action during their visit to Nashik last year and they are sharing expertise and best-practices with their Indian counterparts, leading to more productive vineyards. In the margins of Bharat Tex, leaders from Australia’s cotton industries will be visiting Nagpur to meet with Indian farmers and to share expertise on soil health, genetics and weather forecasting to improve cotton productivity in Maharashtra. These are great examples of how our industries can collaborate to benefit both countries,” Green explained.
Green said that a lot of other countries are looking at the advantages India brings to diversify their trade and investment relationships too. “Maharashtra, with its abundance of talent and financial capital, is clearly well positioned to capitalise on this trend….It’s been pleasing to see Maharashtra roll out its recent electric vehicle and green hydrogen policies. I’m sure these will be important roadmaps to speed up Maharashtra’s green energy transition,” Green said.
Green pointed out that Australia and India signed a landmark Audio Visual Co-production Agreement which encourages collaboration and exchange between Australia and India’s film and creative industries. “It provides projects in both countries access to government funding, including via tax offsets. By bringing a slice of Bollywood to Brisbane, or Melbourne, Mumbai’s film industry will benefit,” Green told TOI.
Green said relations between the two countries were at a historically high point and the bilateral relationship has never seen as much prospect and forward movement as now. “2023 was a massive year and I expect 2024 to be similar. My focus in 2024 is to drive forward our bilateral partnerships on new and renewable technology and green hydrogen to really push the work we are doing together to tackle climate change and build new clean energy technologies. Partnering with firms based here in Maharashtra, particularly in steel and energy sectors, will be a key part of this,” Green said.
When asked why Australian universities have not come to Mumbai or Maharashtra and if there are any plans in the pipeline, Green said, “It is important to highlight up front the independence of Australian universities in exploring opportunities to establish international branch campuses in India. While I have no doubt that Maharashtra presents a promising opportunity, any Australian university looking at India will conduct comprehensive assessments to determine the feasibility and suitability of establishing campuses in the region. Maharashtra’s vibrant academic ecosystem, coupled with its economic and cultural significance, will of course be a key consideration and I’ve no doubt Australian universities can play a pivotal role in further enriching Maharashtra’s academic ecosystem.”
Green pointed out that the Economic Cooperation and Trade Agreement (ECTA) between Australia and India (signed in 2022) is already helping Maharashtra’s exports of industrial goods (steel and other products) to Australia and is benefitting Maharashtra’s wine and cotton industries. Green quoted Union Commerce and Industry Minister Piyush Goyal saying the ECTA as it will help create lakhs of jobs in labour-intensive industries and pointed out that Maharashtra stands to make special gains because of the ECTA. Green said he would encourage Australian skills providers to look at partnering with industry in Maharashtra to deliver the industry relevant skills needed to drive Maharashtra’s economy into the future.
Green spoke to TOI on the sidelines of his meetings with a range of political and business leaders in the city to further accelerate Australia’s growing trade and investment partnership with Maharashtra.
“ECTA has eliminated tariffs on over 96% of Indian exports to Australia. And this deal is bringing practical benefits for exporters here in Maharashtra. At the moment, ECTA’s utilisation rate is above 75%, among the highest of your (India’s) free trade agreements.And this is having a real effect. Indian exports of agricultural goods to Australia are up 15%, textiles exports are up 10% and jewellery exports are up 6%. All these sectors are ones where Maharashtra excels and stands to benefit. Our ambition doesn’t stop with ECTA. Our Comprehensive Economic Cooperation Agreement (CECA) is the next big step. Once the CECA is finalised, firms in Maharashtra will be well positioned to do even more business in, and with, Australia,” Green said.
“ECTA is benefitting Maharashtra’s wine and cotton industries. The Australian wine industry has seen Indian wine production in action during their visit to Nashik last year and they are sharing expertise and best-practices with their Indian counterparts, leading to more productive vineyards. In the margins of Bharat Tex, leaders from Australia’s cotton industries will be visiting Nagpur to meet with Indian farmers and to share expertise on soil health, genetics and weather forecasting to improve cotton productivity in Maharashtra. These are great examples of how our industries can collaborate to benefit both countries,” Green explained.
Green said that a lot of other countries are looking at the advantages India brings to diversify their trade and investment relationships too. “Maharashtra, with its abundance of talent and financial capital, is clearly well positioned to capitalise on this trend….It’s been pleasing to see Maharashtra roll out its recent electric vehicle and green hydrogen policies. I’m sure these will be important roadmaps to speed up Maharashtra’s green energy transition,” Green said.
Green pointed out that Australia and India signed a landmark Audio Visual Co-production Agreement which encourages collaboration and exchange between Australia and India’s film and creative industries. “It provides projects in both countries access to government funding, including via tax offsets. By bringing a slice of Bollywood to Brisbane, or Melbourne, Mumbai’s film industry will benefit,” Green told TOI.
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When asked why Australian universities have not come to Mumbai or Maharashtra and if there are any plans in the pipeline, Green said, “It is important to highlight up front the independence of Australian universities in exploring opportunities to establish international branch campuses in India. While I have no doubt that Maharashtra presents a promising opportunity, any Australian university looking at India will conduct comprehensive assessments to determine the feasibility and suitability of establishing campuses in the region. Maharashtra’s vibrant academic ecosystem, coupled with its economic and cultural significance, will of course be a key consideration and I’ve no doubt Australian universities can play a pivotal role in further enriching Maharashtra’s academic ecosystem.”
