Aus-India trade to reach AUD 40 bn in 3 yrs: Australian Trade Commissioner

Australian Trade Commissioner Patrick Kearins today said that the trade with India is poised to reach AUD 40 billion in the next three years.

"India is Australia's fourth largest trading partner. The growth in two-way trade reached AUD 22 billion (Rs 1.1 lakh crore) in 2010-11, and is expected to reach AUD 40 billion in the next three years," said Kearins, who was here for a seminar organised by the Australian Trade Commission.

"The agreement for closer economic cooperation with India has reached the third round of negotiations...which is somewhat like a Free Trade Agreement ( FTA)," he said.

"The type of advantages that could come from it are particularly on the investment side, for both the nations," he said.

The agreement could also help restore the trade balance which is presently in the favour of Australia, he added.

"The trade from Australia currently is between AUD 16-17 billion," he said, adding that it was owing to exports of coal from Australia as India's energy demands are high.

The bilateral trade, in the last five years, has grown 25 per cent per annum on average, led by resources and minerals, non-monetary gold, and education, the three traditional sectors.