Trade Articles |
|
|
India and Australia Bilateral trade relations
In the present scenario of 'Nuclear Deal', India and Australia have come closer for embarking a truly significant growth in the trading arena. Both countries are being bound to come closer with a remarkable progress in the business. During the last year, the Indian economy has grown up with the size exceeded US$1 trillion. From last many years, it has been increasing with a growth rate of more than 8 per cent to 9 per cent per year. World economists have already make out their predictions that the Indian economy will become the 3rd largest economy by 2025. Enormously gained from this rising trend of this economy, Australia has greatly benefited from the increasing growth of the India's economy. The top officials of the Australia have already make out their estimation that over the last 5 years, the nation's trading with India has been grown more faster as compare to any other of top markets. In the year 2004, India has surpassed United Kingdom in becoming Australia's 6th largest market for merchandise export. The total trade between both countries have reached to more than 30 per cent annually. India has been characterized as the Australia's 9th largest trading partner whereas Australia has been known as the India's 10th largest trading partner. Bilateral trade between both nations have reached to the mark of $11 billion mark in 2007. Over the last 5 years, Australian goods and services export to India have triggered to an annual average of more than 30%. Both Indian and Australian investors are also busy in seizing the opportunities rising in respective marketplaces. In the year 2006, investments made by the Australia was more than $2 billion, which covered the manufacturing, telecommunications and mineral processing sectors. Similarly, Indian companies are also aiming towards in Australia's industrial sector and is utilizing their skills and expertise in agribusiness, telecommunication sector. The eminent coal producer, Gujarat NRE was listed on the Australia's stock exchange last year and companies like Tata Consultancy, Satyam and Infosys are recognized as the leading software companies in the Australia. To make their trading relations more flourishing both nations have decided for undertaking a joint feasibility study for the bilateral free trade agreement. The key ingredients of the study to be completed by early 2009, will cover tariff liberalization and removal of other impediments to the trade in Goods. The study is aimed towards taking the said agreement and economic relations to a new & feasible level. India has been seen as the emerging force in the economic sector which is more importantly have increased into the most important economic, political and defense hub for the Australia. The major merchandise exports of Australia to India include of coal, copper ores, non-monetary gold, wheat and wool. In 1992 an initiative has been undertaken by the Australian government in establishing the Australia-India Council with an aim of broadening and deepening the bilateral understanding with the India. Australian companies are showing eagerness in grabbing the opportunities of the Indian infrastructure and resources sector of more than $50 billion. A sense of urgency can be sensed as the Australian companies have identified the requirement of moving fast with a view of competing with the various companies of USA, UK and Spain. More and more opportunities are booming in the various sectoral like power sectors of both coal & alternative sources, the transport sector including of roads, ports, airports, railways, construction equipment and services. There are many Australian companies which are doing business in India. Such as Australian Road Research Bureau, the likes of Arrow Energy(India) Pvt Ltd., BHP Billiton India, Daryl Jackson Architecture, Leighton India, Hydro Tasmania, Micromine Pvt Ltd., Tata Bluescope Steel Ltd. and Thiess India Pvt Ltd. Bilateral Agreements signed between Australia and India
|
|
