Truss led a high-level trade delegation to India for JBC
The Australian Government Minister for Trade, Warren Truss, led a 50-member business delegation to India for the 16th Joint Business Council (JBC).
The visit, from 26 February to 2 March, strengthens bilateral trade relationships and add impetus to Australia's growing economic partnership with India.
Truss said India is rapidly becoming one of Australia's key trading partners. India has become Australia's eleventh largest merchandise trading partner, growing faster than any of their top 30 export markets. Two-way trade in goods and services has increased to more than $12 billion in the last financial year.
The Indian economy had grown steadily at over 8% these past three years. This rapid growth along with India's more outward-looking economy are deepening Australia’s commercial relationship and expanding opportunities in its business.
He said Australian industry is well-positioned to complement India's dynamic growth. The JBC are jointly organised by Austrade and the Australia India Business Council (AIBC) which coincided with the Joint Ministerial Commission meeting between Truss and the Indian Minister for Commerce and Industry, Kamal Nath, in New Delhi.
The JBC comes almost a year after Prime Minister, John Howard, led a high-level business delegation to India. The visit resulted in six bilateral agreements being signed including the Trade and Economic Framework, which provides structure for both governments to enhance commercial engagement.
During the JBC, the Australian business delegation have met with several senior Indian Government officials from various ministries and an Indian business group brought together by the Federation of Indian Commerce and Industry. The recommendations and resolutions resulting from these discussions had be conveyed to the Ministerial Committee.
According to AIBC, with the growth and profitability of the Indian market, the world's business focus has shifted to India. They have to ensure that Australian businesses capitalise on this opportunity. The JBC is possibly the only opportunity for Australian and Indian business leaders to come together in the same forum with political leaders and policy makers from both countries. It provides a unique chance to influence policy and positively impact the commercial relationship between India and Australia.
Truss said the JBC will give Australian and Indian businesses a chance to actively engage with each other and seek mutually-beneficial outcomes in the long-term.
Truss had visited Chennai, Hyderabad, Mumbai and New Delhi. He was accompanied by representatives of Australian businesses from banking and financial services, mining and resources, infrastructure, education, ICT, aviation, agribusiness, aquaculture and sports.
The Minister's program includes talks with the Chief Ministers of Tamil Nadu, Maharashtra and Andhra Pradesh, and visits to a number of leading Indian companies.
Businesses participating in the Joint Business Council were:
- Airservices Australia
- Anderson Group
- ANZ Banking Group
- Australian Crane Machinery
- BHP Billiton
- Bromelton Investments
- Business Intelligence Technologies
- Careers International On Line
- CI Group
- Clifton Coney Group
- Commonwealth Bank of Australia
- CPA Australia
- Deacons
- Deakin University
- Digital Electronics Corporation
- Fiducian Portfolio Services
- Fort Dodge Australia
- GCS Systems & Services
- Gujarat NRE Coke
- InSTech Consultants
- Investment Management Partners
- JSIS Engineering
- KPMG
- Leighton India
- Macquarie Bank
- National Australia Bank
- Pars Ram Brothers Australia
- Qantas Airways
- Rio Tinto
- SMEC International
- Southern Cross Computer Systems
- Tata Bluescope Steel
- Thales Australia Air Systems
- Thiess India
- White Mining
25-Apr-2007