'Energy key in Indo-Australian bilateral trade'

Kolkata, Nov 21: Trade in energy is the key area of bilateral economic relationship between India and Australia, according to Australian High Commissioner to India John McCarthy.

Speaking at a seminar here today, Mr Mccarthy said,''Australian coking coal fuels the Indian steel industry and Australian companies are involved in the minerals exploration industry in India.'' Gold is now Australia's main export to India, and the country supplies around 20 per cent of India's gold market.

Australia's Minister for Industry Ian Macfarlane, who was also present at programme, said, ''India and Australia have a strong partnership on energy and resource issues. This relationship has been recognised with Australia's nomination as Partner Country for the IMME.'' Australia will participate in the International Mining and Machinery Exhibition(IMME) 2006 here which will start from tomorrow.

This country would have a strong presence at IMME with over 40 organisations participating in IMME.

''Australia has a world class mining sector and Australian mining companies are highly innovative and productive. The strength of Australia's mining industry is reflective of the depth and diversity of the sector,'' Mr Macfarlane said adding, ''We are the world's largest exporter of coal, iron ore, lead, diamonds, rutile, zinc and zirconium, and the second largest exporter of gold and uranium. Up to 80 per cent of Australia's production is exported. Australia has been a leader in the mineral industry for over a century and new methods of mining and minerals beneficiation often originate in the country,'' he added. Australian miners and their suppliers of equipment, technology and services have made the country the biggest producer in the world of bauxite, alumina, lead and mineral sands.

Australian exports of mining equipment were estimated to have exceeded USD $1.8 billion in the last financial year.By 2010 this figure is expected to grow to over USD $4.5 billion.

UNI