Dr Sanjay Baru, Consulting Editor and Editor designate Business Standard pointed out that the two countries neglected development of a political and strategic relationship between each other for a long time while addressing the panel.
While the increased economic cooperation leading to 'convergence of political and economic interests" has emerged between the two countries, the countries still need to focus on important areas of cooperation such as building of East Asian Community, Indian Ocean relations and Islamic terrorism, he pointed out.
During the discussion, Mr Peter Linford, Senior Trade and Investment Commissioner South Asia said that Oz government has put in efforts to improve the bilateral ties with India. Further, Linford emphasised on bridging the gap in the understanding of each other among the people of the two countries.
Appreciating India's policies that helped the country stay afloat during the world economic crisis, Linford revealed that a free trade agreement between the countries was under study and the two governments were working together.
After laying the grounds saying that India and Australia shared a good relationship not hampered by political difference, Minister Commercial Australian High Commission Mr VK Mathur unlined the importance on cooperation in promoting education, tourism and aviation services to realize huge potential of business between the two countries.
The other panelists including Senior Member CII and Chairman and Managing Director Inapex Ltd, Mr Kulbhushan Trehan, Advisor Thiess India Ltd and Prof R Sadananda, Visiting Fellow (School of Computer Science and Engineering) University of South Wales Australia, also spoke on similar lines and stressed on the importance of deepening the relationship and increased cooperation in various field.