By TIOL News Service

NEW DELHI, DEC 18, 2020: THERE is tremendous scope for Australia to invest in India as the country eases its foreign direct investment (FDI) norms in different sectors, Commerce and Industry Minister Mr Piyush Goyal said today.

Addressing CII's Partnership Summit, the minister said India was trying to make its FDI policies "more facilitative, congenial and supportive for foreign investors" especially in the newer sectors of space, nuclear energy and defence production.

The minister launched the India-Australia Economic Strategy Reportto help to align their respective trade and economic policies.

"We can find good areas of cooperation which will also dovetail into our negotiations for a comprehensive economic partnership agreement," he added, expressing hope to take forward the negotiations for the proposed free trade agreement which has been in the works since 2011.

He mentioned the 3B objectives – bigger, better and balanced trade – as India's exports to Australia are "modest and moderate" and need to be increased for a balanced trade gap.

"I believe there is a tremendous scope for Australian investment also into India," Mr Goyal added, pointing out that agriculture, mining, defence, sports, textiles, animation and gaming, hold promise and are of interest to both nations.

Speaking at the webinar, newly-appointed Australian Finance Minister Mr Simon Birmingham saidthat while India decided not to join the 15-member Regional Comprehensive Economic Partnership (RCEP) agreement, the "doors remain firmly open" from the Australian perspective.