NDIA SEEKS MARKET ACCESS TO EXPORT AGRI PRODUCTS TO AUSTRALIA

India is keen to export agricultural products and dairy & poultry products to Australia and has asked Australia to facilitate these exports through appropriate market access initiatives and removing non-tariff barriers. This was conveyed by Shri Kamal Nath, Union Minister of Commerce and Industry, during his bilateral talks with the Trade Minister Mr. Simon Crean, here today. India is also looking forward to exporting mangoes from April 2008, the Minister added. The meeting was attended by the Commerce Secretary Shri G.K. Pillai; Secretary (DIPP) Shri Ajay Shankar; Director General of Foreign Trade Shri R.S. Gujral and senior officials from various Ministries from both the countries.

Shri Kamal Nath stated that “India is growing and a stable investment climate presents huge opportunities for Australian companies, particularly in energy and infrastructure sectors. Some of the major Australian companies, which have invested in India are BHP Petroleum Pty. Ltd., Telstra Corporation Ltd., Telstra Holding Pty. Ltd., Australian India Resources N.L.., BHP Steel, BHP Billiton, Rio Tinto, MIM Holdings, Snowy Mountains Engineering Corporation etc. Australia’s investments in India have been US $ 1.92 billion since 1991. Indian investments in Australia are now well over US $ 1 billion and most of these are in the IT sector”.

The bilateral trade between India and Australia has seen a growth of 37.50% between 2005-06 and 2006-07, and the total bilateral trade during 2006-07 is US $ 7932.79 million. Bilateral trade from April to September 2007 is US $ 4967.27 million recording a growth of 29.41% for the same period in 2006. The compounded Annual Growth Rate during 2001-02 and 2006-07 is 14.14% for exports and 32.31% for imports. For total trade during the same period, the CAGR is 28.96%.

India’s exports to Australia in 2006-07 were US $ 924.78 million, an increase of 12.61% from 2005-06. India’s imports in 2006-07 was US $ 7008.01 million, an increase of 41.64% over 2005-06. Australia’s trade in services with India during 2006-07 was US $ 1895 million. Of this, the import of services was US $ 360 million and the export was US $ 1536 million.

The major items of India’s exports are gems & jewellery, metals, machinery & instruments, cotton yarn, fabrics, drugs & pharmaceuticals. The major imports consists of gold, coal, coke and briquettes, metal ore, metal scraps and non-ferrous metals.