Sydney

The India-Australia bilateral relationship has undergone evolution in recent years, developing along a positive track, into a strategic partnership. The two nations have much in common, underpinned by shared values of a pluralistic, Westminster-style democracies, Commonwealth traditions, expanding economic engagement and increasing high level interaction.

In recent years, India-Australia relationship has charted a whole new trajectory of transformational growth. Bilateral cooperation has seen exponential growth in existing frameworks of cooperation and further expanded across a wide spectrum of new areas opening up new possibilities, both at bilateral as well as global level.

The India-Australia economic relationship has grown significantly in recent years. As part of its efforts to develop strong economic relationship with India, the Australian Government commissioned the India Economic Strategy to 2035 to define a pathway for Australia to unlock opportunities offered by Indian Economic growth.

India is Australia’s sixth largest trading partner. Bilateral trade between India and Australia increased from US$ 22.2 billion in 2021 to US$ 31.4 billion in 2022, registering a growth of 41%. India’s total exports to Australia grew by 38% from US$ 6.3 billion in 2021 to US$ 8.7 billion. Similarly, Australia’s exports to India grew by 42% from US$ 15.9 billion in 2021 to US$ 22.5 billion.

India’s main exports to Australia are refined petroleum, medicaments (incl. veterinary), pearls & gems, jewellery, made-up textile articles, while India's major imports are coal, confidential items of trade, copper ores & concentrates, natural gas, non-ferrous waste & scrap, ferrous waste & scrap and education related services.

The Indian community in Australia continues to grow in size and importance, with the population of nearly half seven lakhs. India is one of the top sources of skilled immigrants to Australia. There is a constant flow of students and tourists from India. India is now the third largest source of immigrants to Australia, after UK and New Zealand and the largest source of skilled professionals for Australia.