India-Australia trade to be $40 billion

Kolkata, March 7: Two-way trade between India and Australia is expected to double at $40 billion in five years, Australia’s envoy to New Delhi said Wednesday.

“Currently trade between India and Australia is $21-22 billion. It is expected to double by the next five years,” Australian High Commissioner Peter N. Varghese said on the sidelines of a programme organised by the MCC Chamber of Commerce and Industry here.

Australia is India’s eight largest trading partner and India Australia’s fifth largest.

Trade in goods between them grew from $10 billion in 2005-06 to $18 billion in 2O10-11.

India’s imports are more than exports, resulting in a trade imbalance.