Frontier India Current Affairs

Written on May 13, 2008 – 7:02 am | by FICA |

“The Australia-India economic relationship has grown steadily in recent years and has the potential to increase considerably as India’s economic expansion continues” says Mike Carter, Trade Commissioner, Australian Trade Commission while addressing the industry delegates at the Roundtable Discussion with Australian Delegation, organised by CII (Northern Region) at CII Northern Region Headquarters yesterday. The Trade Commissioner was accompanied by a seven member business delegation comprising business heads representing agriculture, horticulture and skill development sectors.

Recalling the trade relations between the two countries,the Trade Commissioner said “Two-way trade in goods valued over $10 billion in 2006. India ranked Australia�s 6th largest merchandise export market in 2006. India has been Australia’s fastest growing merchandise export market over the last 6 years, overtaking the UK to become Australia’s 7th largest export destination.”

Further detailing about the vast potential in the agriculture sector for bilateral trade engagement, the Trade Commissioner said “Australia is India’s second largest export market for wheat pulses. North India is fast becoming the hub for Australian companies wishing to invest in India. Australia is one of the world�s leading agro economies and with agriculture being the mainstay of the North Indian States, the tie-up between Austrade and CII makes good business sense.”