India and Australia to strengthen ties in wool production and trade | SupportBiz

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India and Australia to strengthen ties in wool production and trade

India and Australia will jointly set up a wool testing laboratory in Mumbai and collaborate in the production and trade of woollen products.

"We are seeking to setting up a world-class wool testing laboratory in Mumbai in collaboration with the Wool Testing Authority in Australia and Wool Research Association in Mumbai," Commerce and Industry Minister Anand Sharma said.

The two countries are at an advanced stage of signing a memorandum of understanding (MoU). After meeting visiting the Australian Minister for Sports, Industry and Innovation Kate Lundy in New Delhi, Sharma said that the process of approval of the draft for the MoU is in the final stage.

The MoU will explore possibilities for enhanced co-operation and development in the field of wool and woollen products by way of capacity building, research and training, according to a statement released by the Ministry of Commerce and Industry.

Furthermore, collaboration with the Australian Wool Exchange for establishing a wool exchange on similar lines in India and collaboration with Australian Wool Innovation for the promotion of manufactured wool products to boost the efforts being made by Wool Texpro are also on the cards, it said.

India's imports of textiles from Australia during the calendar year 2010 was worth USD155 million, of which a majority was related to wool.

India has emerged as third largest supplier of apparel to Australia after China and Bangladesh.

Bilateral trade between India and Australia rose to USD14.90 billion in 2011 as compared to USD13.70 billion in the previous year.