Thaindian News

Mumbai, Jan 24 (ANI): Commerce and Industry Minister Anand Sharma on Monday said there is a need for more investments from Australia, especially in the infrastructure sector.

In a bilateral meeting with Australian Trade Minister Dr. Craig Emerson here, Sharma informed that India is committed to further strengthening and expanding trade and economic relations with Australia.

Sharma also mentioned that the India-Australia Joint Ministerial Group Meeting will be held as early as possible, and added that CEOs Forum Meeting will coincide with the same.

As regards the FTA, he said that it would be discussed after he comes back from the World Economic Forum in Davos.

“An FTA with Australia has the potential to enhance trade in goods, services and Investment between the two countries,” he added.

During the meeting, both ministers discussed about the prospects and progress of the Doha Round of multilateral negotiations.

They have also agreed that 2011 is critical to taking these negotiations to a logical conclusion.

Emerson also raised the payment off Commonwealth Games related services by Australian firms.

India had a total trade of about 13.8 billion US dollars with Australia in 2009-10 with exports from India being of the order of 1.4 billion and with imports being of the order of 12.4 billion.

India’s exports to Australia were IT and IT enabled services and other business services, while India’s imports from Australia largely consist of Gold, coking coal, Copper ores, Petroleum and LNG, Alumina and Wool.

Total foreign direct investment (FDI) inflows received from Australia during April 2000 to November 2010 were 0.43 billion dollars. Top sectors attracted FDI from Australia are: services sector, metallurgical industries, telecommunications, automobile industry and consultancy services. (ANI)