In a bilateral meeting between Shri Anand Sharma, Union Minister of Commerce & Industry and Dr. Craig Emerson, Trade Minister of Australia, on the sidelines of the Partnership Summit, in Mumbai today, both the Ministers discussed about the prospects and progress of Doha Round of multilateral negotiations. They have also agreed that 2011 is critical to take these negotiations to a logical conclusion. On bilateral front, the Minister expressed his opinion that there is a need for investments from Australia especially in the infrastructure sector. Shri Sharma also informed that India is committed to further strengthening and expanding trade and economic relations with Australia.
During the interaction Shri Sharma has mentioned that India-Australia Joint Ministerial Group Meeting will be held as early as possible and added that CEOs Forum Meeting will coincide with the same. As regards the FTA he said that it will be discussed after he comes back from World Economic Forum in Davos. Shri Sharma stated that: “An FTA with Australia has the potential to enhance trade in goods, services and Investment between the two countries.”
During the meeting, Australian Minister has also raised the payment regarding CWG related services by the Australian firms.
India had a total trade of about 13.8 billion US dollars with Australia in 2009-10 with exports from India being of the order of 1.4 billion and with Imports being of the order of 12.4 billion. India’s exports to Australia were IT and IT enabled services and other business services, while India’s imports from Australia largely consist of Gold, coking coal, Copper ores, Petroleum and LNG, Alumina, Wool etc.
Total foreign direct investment (FDI) inflows received from Australia during April 2000 to November 2010 were US $ 0.43 billion. Top sectors attracted FDI from Australia are: services sector, metallurgical industries, telecommunications, automobile industry and Consultancy services.
