- The 2022 India-Australia Economic Cooperation and Trade Agreement (ECTA) led to nearly 18 percent rise in bilateral trade (barring coal and diesel)
- Sarah Storey, Australian Department of Foreign Affairs and Trade, First Assistant Secretary, South and Central Asia Division, recognized the development
The 2022 India-Australia Economic Cooperation and Trade Agreement (ECTA) have significantly boosted the two nations' bilateral trade, which has seen an 18 percent increase (excluding coal and diesel). Australian Department of Foreign Affairs and Trade's South and Central Asia Division First Assistant Secretary, Sarah Storey, has reported that another trade agreement is already being formulated to solidify the first.
Sarah shared these insights during a panel discussion titled ‘Australia-India: Mobilising Women in Business’, organized by the Australian Consulate-General in collaboration with CII’s Indian Women’s Network in Chennai.
She said the signing of the inaugural free trade agreement (FTA) in 2022 was successful and has provided many opportunities, issuing a "firm signal of intent" to proceed with the second pact. "Nineteen forty-six Indian individuals or 4 percent of the Australian population were of Indian origin. The Indian diaspora matters both politically and economically," she said.
Sarah identified sectors such as agriculture, education, renewable energy, and tourism as being priority sectors for greater cooperation between India and Australia. She also pointed out that despite the ECTA being in force from December 2022, India has become Australia's fourth-largest goods and services market from being at 15th rank in 1999.
Other members of the panel included Australian Consul-General Silai Zaki, Kuppulakshmi K (Global Head, Zoho for Startups), and Saundarya Rajesh (Founder and President, Avatar). The discussion at the panel was on increasing women's involvement in international trade, and the speakers presented individual experiences and suggestions.
Rajesh emphasized that entrepreneurship is inherently risky, but riskier for women. "It's like jumping off a cliff, and for women, it typically involves balancing more things outside of work," she explained. She further added that women's risk-taking tendency is typically limited by strongly embedded cultural norms.
She endorsed certain steps like altering the PM Internship Scheme to enable women participants more efficiently. Kuppulakshmi continued to say that Zoho's larger pool of women from across the globe arose naturally over time. "There was no specific mandate, but as the company grew and needed talent, many women came forward and succeeded—and the company has always supported them," she said.
