The Bengal Chamber of Commerce and Industry organized Round Table Discussion on “Australia-India Economic Cooperation and Trade Agreement” on 25th April 2022 in The Bengal Chamber Premises.

The Chamber was delighted to have Ms. Rowan Ainsworth, Consul General, Australian Consulate − General in Kolkata; Mr. Hugh Boylan, Economic and Public Affairs Counsellor, Australian High Commission, New Delhi and Mr. Debarka Chakraborty, Principal Consultant, MN Dastur & Company (P) Ltd. Dr. Prabir De, Professor, Research and Information System for Developing Countries (RIS), New Delhi graced the session virtually. Mr. Abraham George Stephanos, President, The Bengal Chamber of Commerce and Industry and Managing Director, Tata Steel Downstream Products Limited and other senior members and stakeholders were also present in the programme.

The session was commenced with the formal Welcome Address by Mr. Abraham George Stephanos, President, The Bengal Chamber of Commerce and Industry and Managing Director, Tata Steel Downstream Products Limited. He said that it is important for businesses to understand the opportunities unlocking from the trade agreement and the Chamber is actively acting as a facilitator.

Ms. Rowan Ainsworth, Consul General, Australian Consulate-General in Kolkata shared the overview of the Foreign Trade Agreement (FTA). Australia is the 17th largest trading partner of India and India is Australia's 9th largest trading partner. India and Australia, on 2nd April 2022, had signed an economic cooperation and trade agreement under which Canberra would provide duty−free access in its market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery. This agreement is likely to be implemented in about four months.

Mr. Hugh Boylan, Economic and Public Affairs Counsellor, Australian High Commission, New Delhi highlighted benefits of the deal, which would help in taking the bilateral trade from $27.5 billion at present to $45−50 billion in the next five years. This is the first trade agreement that India has signed with a developed economy after more than a decade.

Dr. Prabir De, Professor, Research and Information System for Developing Countries (RIS), New Delhi shared his perspectives on possible impacts of FTA on industries in both Australia and India and its bilateral trade. He stated that India−Australia Economic Cooperation and Trade Agreement is going to strengthen not only the bilateral trade between the two countries but also improve India's image in the world post−RCEP.