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New Roadmap for Australia’s Economic Engagement with India: Driving Sustainable Development Goals and Economic Growth

SYDNEY, 19 June 2024 – The Department of Foreign Affairs and Trade (DFAT) has announced the opening of public consultations for the new roadmap aimed at enhancing Australia’s economic engagement with India. This initiative builds on the successful Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) and aligns with the forthcoming Comprehensive Economic Cooperation Agreement (CECA), representing a strategic step forward in reinforcing bilateral ties and fostering economic growth in alignment with key Sustainable Development Goals (SDGs).

 

Relevance to Sustainable Development Goals (SDGs)

 

The new roadmap addresses several critical SDGs, making a compelling case for businesses and industries to adopt sustainable practices:

 

  • SDG 8: Decent Work and Economic Growth

The roadmap aims to boost economic growth through targeted trade and investment initiatives, supporting higher GDP growth rates and employment opportunities in both Australia and India.

  • SDG 9: Industry, Innovation, and Infrastructure

By promoting industrial innovation and upgrading infrastructure, the roadmap encourages sustainable industrialization, crucial for long-term economic resilience and reduced CO2 emissions per unit of value added.

  • SDG 13: Climate Action

The engagement focuses on renewable energy projects and sustainable practices, enhancing both countries' capacity to address climate change effectively.

  • SDG 17: Partnerships for the Goals

The initiative underscores the importance of international partnerships, aiming to increase trade and investment flows, and enhance policy coherence for sustainable development.

 

Business Case for Addressing the Issue

 

The business community is invited to engage in the public consultations and contribute to shaping the roadmap, ensuring that it reflects the needs and opportunities of Australian companies. Addressing these SDGs through the roadmap offers significant benefits:

 

  • Economic Growth: By aligning with SDG 8, businesses can tap into new market opportunities in India, driving growth and diversification.

  • Innovation and Competitiveness: Embracing SDG 9, companies can innovate and enhance their competitive edge, leveraging cutting-edge technologies and sustainable practices.

  • Sustainability: SDG 13’s focus on climate action aligns with global trends towards sustainability, ensuring businesses remain viable and responsible.

  • Global Partnerships: SDG 17 highlights the importance of robust international partnerships, offering pathways for Australian companies to expand their global footprint and collaborate on transformative projects.

 

Call to Action

 

BCSD Australia urges its members and the broader business community to participate actively in the public consultations and contribute to the discussion paper by 5 August 2024. By doing so, companies can help shape a forward-looking roadmap that not only strengthens economic ties with India but also drives sustainable development and long-term business success.

 

Contact Information

For submissions and further information, please email IndiaEconomicRoadmap@dfat.gov.au. For media enquiries, contact DFAT's media team at media@dfat.gov.au or phone (02) 6261 1555.

 

About BCSD Australia 

The Business Council for Sustainable Development Australia is a non-profit organisation dedicated to operationalising sustainable development practices among Australian businesses.  BCSD Australia was established in Australia in 1991 and works with over 70 leading global businesses and other organisations to drive systemic transformation in key sectors, advocating for sustainable leadership and rewarding action through education, partnerships, and policy influence.

 

In 2014 the organisation was appointed Australia’s Network Partner for World Business Council for Sustainable Development (WBCSD).

 

BCSD Australia’s members believe that by integrating social and environmental impacts with financial results, business lowers its risk profile, makes better decisions and creates the solutions needed to meet the Sustainable Development Goals.

 

BCSD Australia’s members include leading Australian businesses, from all sectors, who share a commitment to economic, environmental and social development. It represents member companies, public sector enterprises and institutions, BINGOs and community organisations, which in turn represent 120,000 + Australian employees. www.bcsda.org.au.

 

t:          +61 (0)2 8005 0780

m:        +61 (0)412 545 994

w:        www.bcsda.org.au

 

For further information contact: Andrew Petersen, CEO, Business Council for Sustainable Development Australia, +61 412 545 994

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