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Australia on Wednesday launched a roadmap to strengthen and diversify its trade and investment ties with India, kicking off the exercise with an investment of $16 million in the Australia-India Trade and Investment Accelerator Fund. 

The Fund is aimed at helping Australian businesses tap into India’s fast-growing market and unlock fresh commercial opportunities.

The Australian government also announced an additional $4 million investment into its Maitri Grants programme which aims to enhance people-to-people, business-to-business, and cultural ties between the two nations.

The strategy focuses on four key "superhighways of growth" - clean energy, education and skills, agribusiness, and tourism. The roadmap outlines a clear pathway to enhance ongoing efforts, boost two-way investment, and collaborate with Indian-Australian communities and businesses.

"India is an essential partner as we diversify our trade links to boost prosperity for all Australians," Prime Minister Anthony Albanese said.

"This roadmap is critical to helping us fully realise our potential with India, which will be a boon to Australia's economy, our businesses and jobs, and our prosperity," he added.

The document released by Albanese's office highlights nearly 50 targeted opportunities to accelerate engagement with India across several sectors, including defence industries, sports, culture, space, and technology.

Australia's existing free trade agreement with India has already saved businesses hundreds of millions of dollars and is expected to save exporters around $2 billion in tariffs by the end of the year. "These savings are directly benefiting Australians by reducing costs at checkout counters and creating local jobs," the government stated.

Australia is also making significant progress in negotiations for a new free trade agreement with India, which aims to further expand trade and investment opportunities for Australian businesses.

"Growing Australia's economic security and diversifying our partnerships is a key element of our statecraft and central to our national interest," Foreign Minister Penny Wong stated.

"By boosting our economic ties with India, we are not only creating more jobs and opportunities for Australians, we are advancing our shared interest in a peaceful, stable, and prosperous Indo-Pacific," she added.

Trade and Tourism Minister Don Farrell also highlighted the role of the rich and diverse Indian community in Australia, which maintains strong personal and economic ties to India.

"The potential of our relationship with India is almost unmatched, opening a fast-growing market of over 1.4 billion people," he said.

"The roadmap, the result of significant consultation with businesses and the community, offers a blueprint for Australian businesses to seize this extraordinary opportunity," Farrell added.