CANBERRA - The Australian government has launched a new roadmap to boost economic ties with India.

Prime Minister Anthony Albanese, Foreign Affairs Minister Penny Wong and Trade and Tourism Minister Don Farrell released the roadmap on Wednesday, declaring it would maximize trade opportunities, benefit businesses and consumers, secure supply chains and create jobs.

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The roadmap, which was informed by over 400 consultations with private firms and public institutions in Australia and India, identified almost 50 opportunities to accelerate engagement between the two countries in fields including sports, space, culture and technology.

Additionally, it identified clean energy, education and skills, agribusiness and tourism as four sectors with significant potential for economic growth.

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"India is an essential partner as we diversify our trade links to boost prosperity for all Australians," Albanese said in a statement.

To kickstart the new strategy, the government announced 16 million Australian dollars ($10 million) for a fund that will help Australian businesses unlock commercial opportunities in India.

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According to the government, the Australia-India Economic Cooperation and Trade Agreement, which came into force at the end of 2022, will have saved Australian exporters around 2 billion Australian dollars ($1.26 billion) in tariffs by the end of 2025.

Albanese, Wong and Farrell said that the government was making progress on a new free trade agreement with India.