India-Australia to strengthen trade ties

Trade between two countries has more than doubled in the past 6 years to more than $20 bn

Finance Minister P Chidambaram today said there is huge opportunity for increase in investments from Australia into India, particularly in sectors like mines and minerals, clean and renewable energy, food processing, engineering, manufacturing, marine and fishery.

At a meeting with Wayne Swan, Deputy Prime minister and Treasurer of Australia at his office today, Chidambaram said India-Australia bilateral partnership which was raised to the level of strategic partnership in 2009 has led to a rapid expansion in trade and investment ties between two countries.

The trade between our two countries has more than doubled in the past six years to more than $20 billion. He said India’s investment in Australia has also been increasing and a large number of Indian IT companies have made their presence in Australia and are growing.

Swan welcomed the suggestions and assured full cooperation from their side, the finance ministry said in a statement today. He agreed there was a need to bring the focus back on Doha Round of talks which have gone in background recently.