Tuesday, July 15, 2008

Australia is India’s 10th largest trading partner

by Jo Black

Mr. Kamal Nath, Indian Minister of Commerce & Industry says that Australia is the 10th largest merchandise trading partner of India and the 9th largest merchandise import market.

During a bilateral meeting with the Deputy Premier of Western Australia, Mr. Eric Ripper, Nath said that bilateral trade between the two countries in 11 months of the current year has reached a level of US $ 2 billion.

Both the countries have agreed to explore possibilities for economic engagement.

A Joint Study Group to examine the feasibility of a Free Trade Agreement between the two countries has already been set up and the Indian federal government is expecting the report by the end of 2008.

Australia is the 18th largest source of FDI in India.

The top sectors attracting investment in India from Australia have been in the areas of: Metallurgical Industries (25.56%), Service Sector (financial &non-financial) (14.62%), Telecommunication (10.48%), Consultancy Services (8.77%) & Automobile Industry (7.10%). (From January 2000 to March 2008.)

 

 

 

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