India-Australia bilateral trade may double by '15, says Julia Gillard

NEW DELHI: Australian Prime Minister Julia Gillard has said that India and Australia have targetted doubling bilateral to $40 billion by 2015 as both are embracing changes that was propelling growth.

Australia has changed its stand on not selling uranium to India while India is changing through important economic reforms in areas like energy, aviation and retail, Ms Gillard said, adding that the comprehensive economic cooperation agreement being worked out between the two will bring about more changes.

"The CECA will change both the countries further. We have already set a goal of $40 billion trade in 2015 - in other words, our trade could double by 2015," she said speaking at an industry interaction organised by Ficci, Confederation of India Industry and Assocham.

Bilateral trade currently stands at $21 billion with the balance in Australia's favour.

"We both have huge energy needs...India's energy needs are going to increase sharply...there is a good potential for partnership in energy sector," she said referring to Australia's decision to negotiate a uranium pact with India.

Gillard said both the countries have agreed for joint research and development in areas like clean energy, water efficiency and sustainable agriculture.

"In recent years, our economic relationship has grown stronger. Two-way trade has grown at 13% per annum in the past five years. Indian investment approvals in Australia grew last year alone to over $11 billion. This is a one hundred fold increase from about ten years ago," Gillard added.