India Economic Strategy Update launched at University of Melbourne

Federal Minister for Trade, Tourism and Investment Dan Tehan has officially launched the Department of Foreign Affairs and Trade’s India Economic Strategy Update report at an event hosted by the Australia India Institute at the University of Melbourne.

Australia India Institute CEO, Lisa Singh, said the India Economic Strategy (IES) created a blueprint for the future of Australia’s economic engagement with India and remains a key framework for driving the Australia-India relationship forward.

“The IES, published in 2018 under the authorship of Peter Varghese, laid the foundation for a stronger Australia and India economic partnership,” Ms Singh said.

“This Update from the Department of Foreign Affairs and Trade provides the necessary focus for a long-term bilateral relationship in a post-pandemic world.”

Minister Tehan also joined in a Q&A with Ms Singh, and Business Council of Australia Chief Executive, Jennifer Westacott, to discuss how the strategy will contribute to Australia’s economic partnership with India.

Ms Singh acknowledged the reciprocal report from India, and said: “since the IES’  publication, we have seen the launch of the reciprocal Australia Economic Strategy report in 2020, authored by Ambassador Anil Wadhwa, former Indian Secretary (East) of the Ministry of External Affairs.

“These two blueprints truly demonstrate the commitment both countries seek in strengthening economic ties.”

Ms Singh also launched the Australia India Institute’s new Strategic Plan: Building a Dynamic and Enduring Partnership, which she said complimented the framework of the IES.

“The IES has helped inform our new five-year strategy through the development of our program areas of security and geopolitics, bilateral economy, and cultural diplomacy.

“I look forward to the Institute working with the Australian Government with new energy and engagement to deliver on these new initiatives in the IES Update,” Ms Singh said.

University of Melbourne Deputy Vice-Chancellor (International) Professor Michael Wesley said the University valued the Australia India Institute’s efforts to strengthen the enduring partnership between the two nations.

“The Australia-India relationship is an area of growing collaboration and cooperation for our University, greatly benefiting our research work and the dynamism of our student community and culture,” Professor Wesley said.