New Delhi [India], April 8 (ANI): The Australian Trade and Investment Commission (Austrade), in collaboration with the Australian Department of Employment and Workplace Relations and the Confederation of Indian Industry (CII), is spearheading an initiative aimed at fostering collaboration and partnership in the realm of vocational education and training between Australia and India.
According to a press release, a 33-member future skills delegation, comprising experts across digital technologies, energy, and infrastructure sectors, is set to embark on a transformative journey to India, where they will engage with key stakeholders to enhance collaboration in future skills training area – universities, and corporate entities.
Scheduled from April 8- April 11, the Australia-India Industry Skills Partnership Summit in New Delhi is poised to be a pivotal event in the bilateral relationship between the two nations.
Aligned with the Australian Government’s commitment outlined in its Update to an India Economic Strategy to 2035, the summit aims to consolidate efforts to bolster vocational education and training linkages between Australia and India.
In a concerted effort to strengthen bilateral ties and foster collaboration in the realm of skills development, the Australian Trade and Investment Commission (Austrade), on behalf of the Australian Government, orchestrated a landmark initiative.
The delegation, comprising experts in digital technologies, energy, and infrastructure, is poised to engage with stakeholders in New Delhi, Pune, and Chennai.
With a dual objective of enhancing market literacy and catalyzing skills partnership momentum, the delegation seeks to forge robust business ties between Australian and Indian entities.
This endeavour is a crucial component of the Australian Government’s Australia-India Future Skills Initiative (FSI), a strategic program aimed at facilitating collaboration between Australian skills providers, Indian skilling institutions, and corporates.
The overarching goal is to identify collaborative models and partnerships for skills delivery in India, thereby addressing the nation’s burgeoning labour force requirements.
Following the summit, parallel 2-day Business Programs will unfold in Pune and Chennai from April 10 to April 11. These programs offer an invaluable opportunity for the Australian Future Skills delegation to engage directly with Indian counterparts, facilitating knowledge exchange and partnership exploration.
Australia’s education and training providers are renowned globally for delivering world-class skills training across nearly 50 locations worldwide.
Driven by industry expertise and designed to meet evolving workforce needs, Australia’s skills training sector operates across schools, vocational education and training, and higher education sectors, underpinned by robust quality assurance mechanisms.
Commenting on the significance of the delegation visit, Catherine Gallagher, Minister-Commercial and Head of Austrade South Asia highlighted Australia’s esteemed reputation in vocational education and skills training.
Gallagher underscored the timeliness of the delegation amid the strategic and economic alignment between Australia and India, emphasizing its pivotal role in addressing India’s critical labour force requirements.
Gallagher said, “Australia has a reputation for world-class vocational education and skills training. This delegation comes at a time when Australia and India are more strategically and economically aligned than ever before. This delegation will connect Australian vocational education and training providers with Indian learners and industry to help meet India’s critical and emerging labour force requirements”.
She added, “I am sure the Australia-India Industry Skills Partnership Summit and Business Program will support our skills ecosystems to forge meaningful partnerships and programs for the future”,
In the fiscal year 2022-23 (FY23), India emerged as Australia’s 9th largest trading partner, while Australia secured the 13th spot in India’s trading landscape.
Major exports from India to Australia encompassed a diverse array of commodities, including petroleum products, engineering goods, drugs and pharmaceuticals, textiles and apparel, and gems and jewellery.
The bilateral trade between India and Australia in FY23 stood at an impressive USD 25.9 billion, maintaining the momentum from the previous fiscal year which recorded trade at USD 25.0 billion.
India’s goods exports to Australia amounted to USD 6.89 billion, while imports totalled USD 19.01 billion during FY23. Notably, the bilateral trade in goods and services surged to USD 27.5 billion in 2021, showcasing a significant uptick from USD 18 billion in 2020.
India’s robust export portfolio to Australia comprised a myriad of products, with petroleum products leading the pack at USUSD 3.08 billion, followed by engineering goods, drugs and pharmaceuticals, raw cotton including accessories, and gems and jewellery, collectively amounting to USUSD 944 million, USUSD 305 million, USUSD 230 million, and USUSD 209 million, respectively, during April-November 2023.
On the import front, India procured a substantial volume of commodities from Australia, with mineral coal, coke, and briquettes accounting for a significant chunk at USD 7.2 billion.
Other major imports included natural and precious pearls, bulk mineral and ores, and processed minerals, totalling USD 1.6 billion, USD 545 million, and USD 389 million, respectively, during April-November 2023.
The bilateral relationship between India and Australia has witnessed significant milestones and agreements, underscoring the commitment to bolster cooperation across various domains:
The inaugural India-Australia 2+2 Ministerial Dialogue held in September 2021 highlighted the growing convergence on security issues and shared commitment to a free, open, and rules-based Indo-Pacific region.
The signing of the Economic Cooperation and Trade Agreement (IndAus ECTA) on April 2, 2022, paved the way for duty-free access to a wide array of goods and relaxed norms to promote trade in services.
This agreement is expected to boost bilateral trade to USD 45 billion in the next five years.
Bilateral meetings, joint initiatives, and strategic dialogues between key officials, including Prime Minister Narendra Modi and former Australian Prime Minister Scott Morrison, underscored the commitment to enhance collaboration across sectors.
The free trade agreement (FTA) between India and Australia came into effect on December 29, 2022, aiming to bolster trade ties and facilitate bilateral trade in goods and services, targeting a value of over USD 70 billion in the next five years.
The India-Australia Economic Cooperation and Trade Agreement (#IndAusECTA) provides a robust institutional mechanism to encourage trade and covers a wide range of tariff lines, benefiting key sectors such as gems and jewellery, textiles, engineering products, and automobiles. (ANI)
