India Australia Trade Relations

India Australia trade relations can be traced back to when the first Australian ship laden with coal came to India in 1801 as a part of the East India Company. India Australia trade relations are active today but their full potential has still not been achieved. There is considerable scope for development in India Australia trade relations.

The India Australia trade turnover between the two countries reached a record A$ 7.25 billion in 2004-2005. The amount of total trade saw an increase of about 23.7% or A$ 1.39 billion over the corresponding figure of A$ 5.86 billion in 2003-2004. In 2004- 2005, India's export to Australia was at A$ 1.22 billion or increased by 22% than the corresponding figure of A$ 999.7 billion in 2003- 2004. In 2003- 2004, India's import figure stood at A$ 4.87 billion and it increased by 24% in the next year to stand at A$ 6.05 billion.

India ranked sixth in Australia's export market in the year 2004- 2005. During this period, India's share of Australia's total export was 4.8% and import was 0.8%. The major items in India Australia trade which Australia exports to India are as follows:

• Gold
• Copper and copper ores
• Wool
• Vegetables
• Silver and platinum
• Telecommunication equipment
• Electronic components

The major items in India Australia trade which Australia imports from India are as follows:

• Precious and semi precious stones
• Floor coverings
• Textile
• Agricultural products
• Leather and leather goods

Through the setting up of the Joint Ministerial Commission (JMC) and Joint Business Council (JBC) efforts have been made to promote India Australia trade relations. Some of the major Indian investments in Australia include that by Sterlite Industries which has acquired a gold mine in Queensland and two copper mines in Tasmania. India's Oswal group has decided to construct an ammonia plant at Karratha which is close to North-West Shelf project in western Australia. The hotel Windsor in Melbourne is managed by the Oberoi Hotels International. Asian paints has acquired Pacific Paints in Queensland. The Aditya Birla Group has acquired copper mines at Mt Gordon (Queensland) and at Nifty ( Western Australia).

Around 100 Australian companies have set up offices in India which has given a major boost to India Australia trade relations. Some of the important ones are TNT express (courier services), Rio Tinto (mining), Telstra (telecommunications), Snowy Mountain Engineering Corporation (infrastructure development), Argyle diamonds (technical support office for diamond sales ), BHP Billiton (mining), ANZ (IT), and Fosters (brewery).

India Australia trade relations have come a long way but still there is room for more improvement which will prove beneficial for both the countries.

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