"Governments can sign Free Trade Agreements and signal enhanced cooperation but it's people who truly link nations," Alan Tudge, Parliamentary secretary to Autralian Prime Minister Tony Abott said yesterday, while addressing a group of 30 young delegates at the Australia India Youth Dialogue (AIYD) in Sydney.
"The economic relationship can be greatly enhanced if government leaders are willing to make it happen. India's perspective on the trade and investment relationship mirrors our own and we have found a friend in Prime Minister (Narendra) Modi.
Tudge said there are three categories of countries that are particularly important to Australia, our neighbours, our major trading partners and our important strategic partners. India falls in the all three categories.
"India and Australia have a relationship built on a commitment to democracy, the rule of law and a shared history," he said, adding that the two nations had together fought at Gallipoli, a campaign that forged our nation.
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He referred to World Bank prediction of India overtaking China as the world's fastest growing economy in 2017 and emerging as principal source of energy demand from 2020.
"While two-way trade between Australia and India is around USD 15 billion a year, this is only a tenth of our trade with China, so there is a huge untapped potential in the trade and investment relationship," Tudge said.
Tudge said he saw 'Australia as a major partner in every area' of India's 'national priorities' including skills and education, electricity, affordable healthcare, infrastructure, energy-clean coal and gas, renewable energy for nuclear power, cities that are smart, sustainable and liveable.
In 2014, cooperation agreements between the Australian and Indian Governments were signed in tourism, security, social security, arts and culture, and education.