India, Australia must work towards greater engagement in Indo-Pacific region: Piyush Goyal
Both the nations stand united for sustainable recovery from the Covid-19 crisis, he said
India and Australia must work towards enhancing the resilience of supply chains and greater engagement in the Indo- Pacific region, Union Commerce and Industry Minister Piyush Goyal has said.
Addressing the Inaugural Meeting of the Australia India Business Champions on Monday, Goyal said, as India tries to transform into a global hub of supply chains, it would like to partner with Australia for seamless integration into the Global Value Chains (GVCs).
He said that our focus would be to chart a course for ensuring effective usage of the huge entrepreneurial talent, developing a domestic market with a thriving private sector as well as skilled labour.
"The key goal must be to strengthen international supply chains, and fully capitalize on the currently favourable geopolitical phenomenon,” Goyal said.
Noting that both the nations stand united for sustainable recovery from the Covid-19 crisis, Goyal said it was imperative to sustain the momentum for rebuilding as well as reconstructing the economy by focussing on enhancing the export potential.
Goyal noted that bilateral relations had grown stronger post Covid-19 as both the governments worked towards keeping the supply chains functional and working style of services were re-engineered.
During his address, he mentioned that a plethora of reform measures such as the operationalisation of the National Single Window System were being undertaken for creating a conducive environment for the industry.
India had become an important and relevant partner for Australia’s economic strategy, especially in the areas of trade and investments, stated Australia's Minister of Trade, Tourism and Investment Dan Tehan.
He pointed out that the India-Australia relationship continues to grow stronger underpinned by people-to-people ties, a shared past and other multifaceted commonality including cultural and social factors, presenting further prospects for the partnership.
According to Tehan, “The Australia-India Business Champions Group’s key aim is to liberalise and deepen bilateral trade between both the nations and pave the way for collaborative economic growth”.
The Inaugural Meeting of the Australia India Business Champions witnessed participants from across Industry, multilateral organisations, academia, and media, among others.