An interim free trade agreement with India will help boost our economic recovery by expanding trade with one of the fastest growing major economies in the world, Business Council chief executive Jennifer Westacott said.

“This is welcome progress towards a full Australia-India free trade agreement. India and Australia have overwhelming mutual benefits to reap from greater economic cooperation, particularly in critical areas like clean technology and education.

“This puts Australia in position to take advantage of one of the great untapped markets of the 21st century. Forecasts predict India will be the world’s most populous nation by 2024 and its economy will grow 53 per cent by 2026 from 2019 levels.

“Foreign direct investment supports one in 10 jobs in Australia, any agreement that makes it easier to attract investment is great news for Australian workers.

"Lowering barriers to key agriculture and resources exports will be huge boost to regional Australia and means 1.3 billion Indian consumers can better access our world-class quality products.

"Enhanced labour mobility and fewer barriers for the services sector will help create and strengthen the industries Australia needs for the future, including professional services, the digital economy, education and energy and resources.

“Australia’s continued economic growth and security depends on pursuing stable, resilient and constructive relationships with the giant economies around us.

“Businesses are ready to work with government to achieve a full Australia-India Comprehensive Economic Cooperation Agreement as soon as possible.”