Highlights
- India’s share of Australian merchandise exports fell to $10.98 billion in 2019-20
- India’s share of Australia’s total merchandise exports reported below 2 per cent in June 2020
- India Economy Strategy 2035 was released in 2018
India’s share of Australian merchandise exports fell to $10.98 billion over the 12 months to June 30, according to the latest figures revealed by the Australian Bureau of Statistics (ABS).
India’s share of Australia’s total merchandise exports was below 2 per cent in June, the lowest level since 2003.
The Labor Party has lashed out at Morrison Government over these figures and has accused the government of not implementing the recommendations laid out in the 500-page report, An India Economic Strategy to 2035 authored by the former Department of Foreign Affairs Secretary Peter Varghese.
“They [the numbers] are nothing short of very disappointing. Australia’s exports to India have fallen to a 17-year-low. And that is astounding by any measure,” the Senior WA Labor MP Ms King told SBS Hindi.
“The report issued by Peter Varghese was over two years ago. Since that time, the Morrison-Liberal government has done virtually nothing to try and implement the really sensible recommendations Mr Varghese came up with.”
Mr Varghese handed over the report to the government with 90 recommendations on how to improve Australia’s trade and investment relationship with India in 2018.
The report said no single market over the next 20 years would offer more growth opportunities for Australia than India.
The Shadow Minister for Trade said the Morrison Government needed to wake up and take the relationship with India ‘more seriously’.
“India will be the powerhouse of the global economy and Australia needs to wake up to this and the government of the day needs to start to take relationship with India much more seriously,” she said.
“What I think the government has failed to understand is how important India is, particularly to Australia but also to the global economy of the world.
“It is an economy that is transforming, modernising and most importantly, it is growing at an enormous rate.”
Listen to the interview with Federal Shadow Minister for Trade Madeleine King:
In 2018, the Australian government in response to Mr Varghese’s report agreed to prioritise economic diplomacy efforts in India around the ten sectors recommended in the report and appointed four ministers as champions for the four lead sectors of education, agribusiness, resources and tourism respectively among other steps.
In June this year, Prime Minister Scott Morrison held the first virtual summit with his Indian counterpart, Narendra Modi where the two countries signed a new Comprehensive Strategic Partnership (CSP) and nine agreements.
"The CSP takes our bilateral relationship to a new level of cooperation, based on mutual understanding, trust, common interests and the shared values of democracy and the rule of law," PM Morrison had said after the summit.
"With (the) comprehensive strategic partnership between India and Australia, we aspire to achieve yet new heights in our collaboration," PM Morrison had said.
Trade and Economic experts have said the latest fall in trade relations can be attributed to several factors which include COVID-19 pandemic and India’s decision to reduce coal import.
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India’s share of Australia’s exports drops to historic low
