India-Australia target doubling trade by 2015
Thursday, 18/10/2012
http://epaper.dailypostindia.com/Details.aspx?id=52884&boxid=58265&uid=&dat=2012-10-18
New Delhi: Seeking enhanced economic engagement with India, Australian Prime Minister Julia Gillard on Wednesday said the two countries have set a goal of doubling bilateral trade to $40 billion by 2015. Addressing Indian business leaders here at a luncheon meeting, Gillard said the dramatic changes in Asia are creating new patterns of Indian growth. “India is changing through important economic reforms in areas like energy, aviation and retail,” she said. “We have already set a goal of $ 40 billion trade in 2015 – in other words, our trade could double by 2015,” she said. Currently the annual bilateral trade stood at about $ 21 billion. She said Australia has opened the door for uranium sales to India.
“We both have huge energy needs. India’s energy needs are going to increase sharply. There is a good potential for partnership in energy sector,” she said. Gillard said both the countries have agreed for joint research and development in areas like clean energy, water efficiency and sustainable agriculture. “In recent years, our economic relationship has grown stronger. Two-way trade has grown at 13 per cent per annum in the past five years. Indian investment approvals in Australia grew last year alone to over $11 billion. This is a one hundred fold increase from ten years ago,” she added. Speaking on the occasion, Union Commerce and Industry Minister Anand Sharma invited investments in infrastructure sector, particularly, in the proposed national investment and manufacturing zones (NMIZs). “This process of setting up NMIZS is on. Come and join us at least in setting up of these zones,” he said. Federation of Indian Chambers of Commerce and Industry (Ficci) President RV Kanoria said there is a need to increas
e air connectivity between the two countries.
Total two way trade in services between the two countries stood at Australian dollar (A$) 3814 million in 2010, 3.5 per cent share of Australia’s total trade in services. Indian imports from Australia were A$3154 million a fall of 13.7 per cent and exports to Australia were A$ 660 million as in the previous year. Australian service imports from
India were personal travel A$ 423 million and Information technology A$ 98 million.
