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Kamal Nath & Warren Truss address India-Australia JBC

02
Mar '07
India and Australia have agreed to substantially enhance bilateral trade and investment flows, while noting the increasingly diverse and substantial nature of the bilateral trade and economic relationship.

his is indicated in the agreed minutes of the 10th India-Australia Joint Ministerial Commission (JMC) meeting which was signed here last night by Shri Kamal Nath, Minister of Commerce & Industry, and Mr. Warren Truss, Minister for Trade of Australia, who is heading the largest-ever Australian business delegation to India.

Both the Ministers expressed satisfaction at the rapid escalation in bilateral goods and services trade between India and Australia and the significant increase in the commercial presence of Indian and Australian companies in each others markets. Indo-Australian trade registered record increase from just US $ 1.4 billion in 2000-01 to US $ 5.7 billion in 2005-06. (Of this, India's exports to Australia were valued at 0.8 billion and Australia's exports to India were US $ 4.9 billion).

Hailing India's emergence as Australia's fastest growing trading partner, Mr. Truss said “India is the new kid on the block and everyone is interested”. Shri G.K. Pillai, Commerce Secretary; Dr. Ajay Dua, Secretary (DIPP); Shri P.K. Dash, Joint Secretary dealing with Australia and members of delegations from both sides were present on the occasion of the signing.

Addressing the 16th Meeting of India-Australia Joint Business Council this morning, Shri Kamal Nath said he was happy to note that as of now more than 17 Australian companies were engaged in business process outsourcing (BPO) in India led by Telstra, Australia's largest telecommunications carrier and a number of Australian banks were also buying the Indian talent story.


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