Australia looks forward to help India with uranium supplies

Expressing its readiness to walk with India to drive its economic growth and meet “strategic challenges”, Australia today said it wants mutually beneficial Free Trade Agreement to boost bilateral trade ties and also help India with uranium supplies for its energy needs.

Describing India as a “significant player and world leader”, visiting Australian Foreign Minister Julia Bishop said the two countries should work together with other nations of the Indo-Pacific region to ensure peace, stability and economic growth and also engage with China in this regard.

Addressing the inaugural session of ‘Indo-Pacific Oration’, she made a strong pitch for early conclusion of the Australia-India Comprehensive Economic Cooperation agreement saying, “A commercially meaningful agreement will help propel both of our economies forward and enable our people to realise their full potential.”

She pointed out that Australia has FTAs with South Africa, Japan and China and is now looking forward to an FTA with India to complete the quartet.

Australia’s trade in goods and services with India was $12.12 billion in 2013-14 with Indian exports of goods amounting to $2.30 billion. Australia’s exports of goods to India were $9.82 billion, as per official data.

She also welcomed India’s recent move to liberalise its foreign investment caps in some sectors, such as insurance.

Noting that India needs secure sources of energy, Bishop said, “Australia can go some way to help provide that security. That’s why we signed a Nuclear Cooperation Agreement last September and are negotiating administrative arrangements so we can supply uranium to India.”