Australia calls for better bilateral trade

India needs to focus on Australian markets as there is significant potential for collaboration between the two economies, according to Simon Johnson, regional director (India), Western Australia trade office.

Johnson was speaking at a meeting organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry (Fapcci) in Hyderabad.

"Indian corporates have invested A$1 billion in Western Australia. The trade between the two countries is in the ratio of 1:6 in favour of Australia. India, therefore, should start focusing on Australian markets," he added.

According to Johnson, while India is the fourth largest export market for Western Australia, it is the 27th largest import source.

"We, therefore, encourage Indian companies to look at Australian markets," he added.

B Shankar, chairman of foreign trade committee at Fapcci, said that merchandise exports to India by Australia were valued at A$5.4 billion last year of the total trade in goods and services worth A$7.4 billion.