The trade ministers of Japan, India and Australia recently agreed to work toward achieving supply chain resilience in the Indo-Pacific region.
India's swelling population - set to overtake China's in 2027 - suggests ongoing opportunities for Australia to diversify a trade portfolio that currently makes it the developed world's most China-dependent economy.
India has overtaken China as the largest source of net migration to Australia, and its diaspora is the third largest Down Under, just behind China and the UK.
SYDNEY (BLOOMBERG) - Australia's escalating tensions with Beijing have shown up its reliance on China trade and propelled a push to increase links with Asia's other giant economy, India.
While China's dominance of Australia's goods exports reflects commodities demand, in the employment-intensive services sector China's importance has been challenged by a doubling of services exports to India over the past two years.