The Hindu : Steps to boost trade with Australia

Online edition of India's National Newspaper
Wednesday, Feb 19, 2003

Business

Business

Steps to boost trade with Australia

By Our Special Correspondent

NEW DELHI FEB. 18. Australia has offered to provide LNG (liquefied natural gas) to this country even as India has proposed cooperation in mining, agribusiness, food processing, pharmaceuticals, information technology, and tourism.

Addressing a meeting of the India-Australia Joint Business Council organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), the Union Commerce and Law Minister, Arun Jaitley, stressed the need to boost trade and investment between the two sides.

He felt that there was a need to diversify the export basket and increase investment in important sectors such as IT, biotechnology, energy and minerals.

He also raised issues relating to quarantine and inspection of agricultural and marine products to Australia.

The visiting Australian Trade Minister, Mark Vaile, also pointed to the high tariffs in several areas, including coal and wool, proving prohibitive in increasing two-way trade.

He said, "We can help India to develop an adequate energy supply including LNG". He said he would be meeting the Union Petroleum Minister, Ram Naik, to discuss this issue apart from global security concerns in the oil sector.

Mr. Vaile, who was accompanied by a 50-member delegation, said though bilateral trade had grown at an average of over 6 per cent annually, there was a need to create the right kind of environment for business between the two sides.

The visiting minister also sought bilateral cooperation in tourism, biotechnology and information technology.

Printer friendly page
Send this article to Friends by E-Mail

Business