PHDCCI welcomes Indo-Australian agreement

New Delhi, Mar 9: The PHD Chambers of Commerce and Industry today (Mar 9, 2006) welcomed the Trade and Economic Framework (TEF) signed between India and Australia, for further expansion of bilateral commercial and economic ties between the two countries.

The agreement, signed during the recent visit of Australian Prime Minister John Howardm to the country, will further boost key sectors like energy, mining, infrastructure development, financing, education, tourism, entertainment and biotechnology, apart from the traditional areas of textiles and clothing, footwear and agriculture.

The Chambers said that India and Australia are natural partners and share a lot in common. Both countries are members of the Commonwealth, have similar institutions of parliamentary democracy, legal, financial and government institutions and are associated through their involvement in several regional organisations.

With the Indian economy growing rapidly, and keeping in view the strengths of both the countries, there is scope for further enhancing cooperation in key sectors, the Chamber added.

UNI