IABCA unveils ambitious plans for 2024 to boost bilateral ties

Sydney, December 28 (Australia India News Newsdesk)

The India-Australia Business and Community Alliance (IABCA) has been a stalwart in fostering cultural diplomacy and bilateral growth through sustained engagement with people, organizations, and businesses. In a landmark celebration of a decade of dedicated efforts in 2023, IABCA expanded its international footprint with the inaugural IABCA India Showcase, aligning with the G20, fostering an immersive cultural dialogue that garnered acclaim from both governments.

Building on this success, IABCA is set to propel the momentum further in 2024 by unlocking the potential for enhanced bi-lateral trade between India and Australia. A comprehensive 12-month campaign and a series of initiatives, including the launch of the inaugural India Week in Australia from August 12th to 16th, 2024, across Queensland, New South Wales, Australian Capital Territory, and Victoria, are on the agenda. IABCA remains committed to providing a robust platform for reinforcing businessto-business ties and honoring the strong people-to-people links.

The Australia-India relationship stands at an unprecedented high, bolstered by the Australia-India Economic Cooperation and Trade Agreement (ECTA) that came into effect in December 2022. India's remarkable economic growth, reaching 6.9 percent in FY2022-23 according to the World Bank, underscores its emergence as one of the world's fastest-growing economies. With a young, educated, and dynamic workforce, over half of India's 1.6 billion inhabitants are under the age of 30.

Australia and India, as the sixth- largest two-way trading partners, witnessed total two-way trade valued at $46.5 billion in 2022.

The ECTA marks a significant milestone, providing Australian exporters with expanded market access across various sectors, encompassing goods such as wool, seafood, fruit, and vegetables, as well as services including higher education, business services, and research and development.

As IABCA navigates the evolving landscape of international collaboration, its strategic initiatives in 2024 aim to further solidify the bonds between India and Australia, capitalizing on the shared strengths of both nations for mutual prosperity.