Australia is set to intensify its trade diplomacy as Trade Minister Don Farrell confirms a new round of high-level negotiations with India scheduled for the coming weeks.
The strategic pivot follows closely on the heels of Australia securing a landmark free-trade agreement with the European Union, signalling a robust push to diversify export markets.
Speaking at the National Press Club on March 30, Minister Farrell expressed a determined outlook, stating the government is ready to "have another crack" at a fresh agreement to build upon the existing 2022 deal.
The impetus for the talks is underscored by a 17% rise in trade with India over the past two years.
Australia aims to capitalise on India's status as the world's most populous nation, specifically targeting its rapidly expanding middle class.
Economists project that by 2030, nearly 900 million Indian citizens will enter this demographic, driving a massive increase in demand for premium commodities.
Minister Farrell noted that as disposable incomes rise, there is a clear appetite for high-quality Australian agricultural exports, including fine food and wine.
While the Australian government remains optimistic about the "wonderful opportunity" India represents, officials are managing expectations regarding the timeline.
Farrell cautioned that a "big bang" comprehensive deal is unlikely in the immediate term, suggesting instead a "step-by-step" progression.
The pragmatic approach mirrors the tenacity shown in the recent EU negotiations—a "once in a generation" pact estimated to be worth $10 billion to the Australian economy, providing unprecedented access to 450 million European consumers.