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The Federation of Indian Chambers of Commerce and Industry (FICCI) and the Business Council of Australia (BCA) recently signed a memorandum of understanding (MoU) to identify and create more business opportunities between the two nations.

“India and Australia's bilateral trade in goods and services is over $45 billion, and we are working towards doubling it in the next five years,” FICCI secretary general S K Pathak said.

The MoU aims at strengthening bilateral trade and investment partnerships by cooperating on shared areas of advantage and identifying new areas of growth in emerging markets, a FICCI release said

BCA chief executive Bran Black stressed on working towards removing trade barriers and exploring investment opportunities.

India is Australia’s fifth largest export market, and exports are highly sought after in India. Australian exports to India worth $32.5 billion, while imports were worth $12.6 billion in fiscal 2022-23