India Australia trade might grow to USD 16 billion by 2010

India Australia trade might grow to USD 16 billion by 2010

Industry body Assocham has said in a statement that there is a bright possibility that the trade between India and Australia can touch a record USD 16 billion in the next four years. This is expected to get a boost when Australian Prime Minister John Howard would be visiting the country later this year.

The trade between the two countries stands at an already impressive USD 7.5 billion right now. Assocham President Anil K Agarwal said in a statement on this event: “India-Australia trade tripled in last three years from less than three billion dollar and as the warmth in economic relations between Australia and India has been growing, there is every reason that trade will exceed 16 billion dollar by 2010.”

The two countries are expected to expand their cooperation in the field of information technology. This would give a massive boost to the trade between the two countries. The Indian software industry itself expects to grow to a massive 80 billion dollar by 2008.

However, India still imports a lot more services and products from Australia compared to exporting back to them.