Canberra, July 31 (IANS) Australia is striving to improve its “underdone” two-way trade relationship with India, Trade Minister Steve Ciobo said on Tuesday.
In a keynote address on the future of trade opportunities, Australia’s Minister for Trade, Tourism and Investment Ciobo said there were huge opportunities to develop a relationship with India and establish deep economic ties, SBS News reported.
“Our economic relationship with India is underdone. It is very much in our interests to fix this,” he told the Committee for Economic Development of Australia (CEDA) event on Tuesday.
Ciobo identified Maharashtra as a particularly promising region for investment. “Maharashtra offers diverse opportunities for Australian firms in education and training, urban infrastructure, financial services, agribusiness and energy sectors,” he said.
Australia recently released a report on how trade links with India could be better used, and Ciobo said India was planning a similar document. “We have a huge asset for our relations with India in our Indian diaspora — our fastest growing large diaspora.”
“Victoria is home to the largest Indian community of any Australian state.
“Here’s one good measure of the Indian diaspora’s business success: They are Australia’s second highest tax-paying diaspora.”
Ciobo said Australia will try to take advantage of India’s push to get more university qualifications, as well as opportunities in agriculture and technology.
He added that Australia expects to ratify the Trans Pacific Partnership by the end of the year, aiming for it to be in force in the first half of 2019.