The Hindu Business Line : Australian trade team to pitch for investments

THE Australian Trade Minister, Mr Mark Vaile, is arriving here on a three-day official visit beginning February 17. Mr Vaile will be accompanied by a large business delegation, representing a wide range of sectors.

During his stay, Mr Vaile, along with his Indian counterpart, Mr Arun Jaitley, will co-chair the eighth meeting of the Australia-India Joint Ministerial Commission, the key trade and economic forum between Australia and India. The Ministers will hold discussions on a wide range of bilateral, regional and multilateral trade and investment issues.

Mr Vaile is also scheduled to have bilateral discussions with a number of other key Indian Ministers, namely, the Minister for Finance, Mr Jaswant Singh, the Minister for Agriculture, Mr Ajit Singh, the Minister for Petroleum and Natural Gas, Mr Ram Naik, the Minister for Human Resources Development, Dr Murli Manohar Joshi, and the Minister for Disinvestment, Communications and Information Technology, Mr Arun Shourie.

The Australian Minister is also slated to address the Australia-India Joint Business Council meeting being hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI). A session with the Confederation of Indian Industry (CII) is also planned.

According to a press statement by the Australian High Commission here, Mr Vaile, while dwelling on his forthcoming India visit, said: "In my discussions with Mr Jaitley and other Ministers, I will underline the Australian Government's strong support for our expanding commercial partnership with India. I will also be supporting the Australian companies that will be accompanying me, to better access the Indian market to demonstrate to Indian business the tangible benefits of investing in Australia's robust economy."

Currently, Mr Vaile is on a three-nation tour to Japan, Singapore and India. Prior to arriving in India, he will attend an informal meeting of key WTO Ministers in Tokyo to discuss the Doha round of negotiations, and hold talks with Japanese Ministers on a number of bilateral trade issues. In Singapore, Mr Vaile will sign the Australia-Singapore Free Trade Agreement.

Commenting on the Trade Minister's visit, the Australian High Commissioner to India, Ms Penny Wensley AO, said: "Australia and India enjoy a strong and diverse relationship which is showing healthy growth in all areas. Trade and investment has been growing particularly well, in both directions, with two-way trade in 2001-2002 reaching $A 3.4 billion (Rs 7,870 crore). Mr Vaile's visit should boost trade further and give added momentum to the overall relationship."

Australia, according to the press statement, has one of the fastest growing economies in the developed world, with the second highest productivity growth in the OECD. As India's economy continues to grow and liberalise, the Australian Government sees significant scope for new complementarities and partnerships, creating a more substantive and sophisticated economic relationship.

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