‘Alternative to China’s BRI doesn’t exclude other countries’
THERE WILL BE A SLOW ROLLOUT OF THE REPORT, WITH 2 WEEKS OF PRESENTATIONS IN ALL THE STATE CAPITALS IN AUSTRALIA, THE HIGH COMMISSIONER SAID
NEW DELHI: The attempt by US, Japan and Australia to create an alternative to the Belt and Road Initiative emerged from a trilateral discussion, Australian high commissioner Harinder Sidhu said when asked why India was not part of the combination.
“The US, Japan and Australia have a long tradition of strategic cooperation and this is just one of many trilateral engagements that they have,” she said.
“It does not necessarily exclude or include other countries.”
She noted other allies, such as South Korea and Singapore, too weren’t part of the grouping. Sidhu spoke during the release on Wednesday of “An India Economic Strategy to 2035,” a report commissioned by Canberra and written by former Australian envoy Peter Varghese.
Along with 90 specific policy recommendations, the report sets three broad goals. One, no market offers greater potential to Australia over the next 20 years than India. Australia should make India its third largest trading partner by then.
Two, the report calls for a large increase in Australian direct investment in India.
It cites a target of $100 billion and making India the third largest recipient of Australian investment. Finally, it says India should be brought into the inner circle of Australia’s strategic partners.
Varghese identified 10 economic sectors with the most potential, with education topping the list. Sidhu noted it was already Australia’s single largest service export to India.
Australia had 68,000 Indian students taking courses Down Under last year.
But goods exports remained largely raw materials.
Varghese noted India’s economic rise will be different from what Australia had experienced with Southeast Asia and China, with technology playing a greater role in the Indian growth story.
The report says Canberra needs to work directly with Indian states and lists 10 priority states.