Indian exports
to Australia have registered an impressive growth of 19.37%
during April-October 2002-03 as compared to the same period
last year. The bilateral trade has also increased by 4.24 per
cent at US $ 1003.96 million during the same period. This was
indicated by Shri Vinay Bansal, Additional Secretary, Ministry
of Commerce & Industry, in his welcome address at the 8th
India-Australia Joint Ministerial Commission, here today. Ms.
Penny Wensley AO, Australian High Commissioner to India, was
present in the meeting along with senior officials from both
the countries. The 3-day (17-19 February) Meeting will be addressed
by Shri Arun Jaitley, Minister of Commerce & Industry and
Law & Justice and Mr. Mark Vaile, Australian Trade Minister,
tomorrow.
Shri Bansal said
that though considerable progress had been made in enhancing
the bilateral trade, it does not reflect the true potential
that exists between the two countries. "We should endeavour
to lay down the road map for further expansion and diversification
of the economic cooperation", he said. The meeting would review
the Report of the Joint Working Group on Energy & Minerals
as well as on Natural Fibres & Textiles. It would also discuss
enhancing cooperation in Tourism and Education. Raising the
pending issue of India’s import access for mangoes into Australian
market, Shri Bansal requested Australian Quarantine and Inspection
Service (AQIS) officials to visit India as soon as possible.
It may be recalled that an MOU had been signed between the Export
Inspection Council of India (EIC) and AQIS for recognition of
equivalence of food inspection and certification system in December
2002. During the meeting, enhancing the scope of this MOU to
cover other food products would also be discussed.
Shri Bansal apprised
Australian delegation about India’s liberal investment regime
and said that there was great potential for investment in the
areas of mining, metallurgy, information technology and food
processing. Foreign Direct Investment (FDI) from Australia has
increased from US $ 1.1 million in 1991 to US $ 1.8 billion
till October 2002. Australia ranks 8th in the list
of countries in terms of cumulative FDI approved from 1991 to
October 2002.
