'India to drive Australian economy' for yrs to come

Melbourne, 7 Mar (UNI) Australian Minister for Trade Warren Truss and Reserve Bank of Australia Assistant Governor Malcolm Edey are of the opinion that India and China would go on driving Australian economy for years to come.

The Australian politician is even more buoyed by India who, in the Minister's opinion, is interested in buying more Australian energy supplies. The Trade Minister has, however, declined to reveal whether Australia would sell uranium to India or not.

Warren Truss has just returned from his recent trip to the South Asian country.

The Australian Central banker has highlighted the spectacular growth being experienced by China and India to back his assertion that these two economic powerhouses are expected to continue rising in importance for both the world economy and Australia's.

Australian economy, Malcom Edey has opined, is now at an advanced stage and would continue to grow thanks to low inflation and lowest unemployment rate in three decades.

The Australian banker was speaking at an Australian Industry Group meeting in Sydney today. The Australian Minister for Trade has, on the other hand, given some credit to the South Pacific country's exports to India for the growth in economy.

''Australia's has become India's fifth largest source of imports, so our trading relationship has grown beyond all expectations over recent times,'' Truss has been quoted as saying by the state-owned ABC Radio.

Warren Truss, however, has not been forthcoming on the question of uranium exports to the energy-starved India. He has argued that the Australian hesitance to export nuclear fuel to India is because of India's refusal to sign NPAT.

''They will be aware of our requirements that there need to be nuclear safeguards arrangements, and in particular a signature on the non-proliferation treaty,'' he said.

But the Minister has also not closed the door on India's face.

''Those (NPAT) have been key issues, there are some discussions going on around the world about the way in which India's particular circumstances might be able to be addressed. But we would need to have a strong assurance in relation to those key issues before we could countenance the sale of uranium to India,'' the Australian Minister added.

UNI