India and Australia will achieve $40 billion trade target in 4 years: Australian High Commissioner

NEW DELHI: India and Australia would achieve the bilateral trade target of USD 40 billion in the next four years, Australian High Commissioner in India Peter Varghese said today.

"Both the countries had agreed to double the bilateral trade to USD 40 billion. I am confident that we will get there," Varghese told reporters here.

In May 2011, Commerce and Industry Minister Anand Sharma and Australian Trade Minister Craig Emerson had agreed to double bilateral trade to USD 40 billion by 2016. At present, the two-way trade is over USD 21 billion.

Varghese was speaking to reporters after witnessing signing of an MoU between Assocham and Victorian Employers' Chamber of Commerce and Industry (VECCI). The agreement is aimed at collaborating in areas like agriculture, education and IT, among others.

Stressing the need to further widen the current trade basket, Varghese said, "We both want a broad base relationship because at the moment it (trade basket) is dominated mainly by three commodities - gold, coal and copper. So, we would like to see a much broad base."

He hoped that the flow of investments to both the countries would increase.

India's exports to Australia include gems and jewellery, chemicals, leather, textiles and agricultural products. India's imports from Australia comprise agricultural items, horticulture, coal, gold and wool.

In May last year, India and Australia had launched the negotiations for comprehensive market opening pact aimed at enhancing economic integration to enable trade and investments to flourish.