Australian Trade Minister for more business ties with India

Mumbai, Mar 2 (UNI) Australian Minister of Trade Mr Warren Truss today said there is a new dynamism in Australia-India relations and a tremendous scope for strengthening the business relationship further between the two countries.

Mr Truss, who is leading a business delegation from his country to India, was addressing a meeting of businesspersons held by the Bombay Chambers of Commerce and Industry.

Truss said,''Australia's interaction with India is now far broader and more intense than just a few years ago''. Also, Australia is well positioned to complement India's continued growth, through the exports of minerals and fuels, energy investment and collaboration on areas of joint interest, such as new mining technologies''.

He said that Australia's exports to India has increased in recent past. As regards to merchandise exports, it has exceeded USD 7 billion in 2005-06 thus registering a growth of 22 per cent over the previous financial year. Similarly, two-way trade in goods and services was more than USD 10 billion, he added.

Stressing that Australian companies are also adding their capabilities to India's rapidly growing services sector, he said that the exports figures reached USD 1.3 billion worth of services in 2006.

However, Mr Truss rued over the fact that Australia's bond with India has never been stronger and the road ahead for growing trade ties has never been more promising, he said.

Therefore, he advocated for Australian and Indian companies to make the most out of the rapidly evolving relationship between the two countries. Some of the Australian companies that comprise the delegation include KPMG, Leighton India, Deakin University,National Australia Bank among others.

UNI