“I am certain that this would open up new growth avenues for our own economy. The Trade and Economic Framework that would be signed this evening could be a first step in this direction. This Framework Agreement would provide us an avenue to interact in a more focused manner and to identify the areas where we could harness the complementarities of our two economies”, Shri Kamal Nath said.
Later, at a luncheon meeting with the Australian Prime Minister, Shri Kamal Nath called for a more active economic relationship with Australia, especially in the area of investment given the vast opportunities that exist in areas where Australia has the expertise and which India considers as its priority sectors.
While Australia was among the major foreign investors of India, its investment in the country valued at around US $ 150 million was still quite low compared to Australia's total outward investment, he noted.
“Some of Australia's best known firms are already operating successfully in India, while hosts of small to medium size Australian companies are finding their way to Indian markets. There are more than 500 Australian joint ventures in India”, he said, adding that Indian investments in Australia too were growing.
Two-way trade between India and Australia stood at over US $ 4 billion with an annual growth rate of 20%, while India ranked as Australia's 6th biggest export market, bigger than even the UK. Referring to Regional Trade Agreements, Shri Kamal Nath said that India was on the verge of entering into Free Trade Agreements with the ASEAN countries and Thailand within the next few months.
Press Information Bureau Government of India
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