Trade between India and Australia is expected to double in the next five years, reports The Economic Times. This announcement was made by Australian High Commissioner Peter N. Varghese during his recent visit to India.
Experts expect bilateral trade to reach USD40 billion in five years’ time. Trade between the two countries is currently valued at USD22 billion.
Varghese stated that India is expected to become Australia's fifth largest trading partner.
He stated that Australia has expressed an interest in India's financial sector. Some banks from Australia have already got licenses from the Reserve Bank of India.
Varghese stated that education and tourism are the major areas in which Australia could co-operate with India. He also went on to state that the signing of the Comprehensive Economic Cooperation Agreement between the two nations would resolve the issues of market access.