AUSTRALIA'S PROSPECTS IN INDIA ENCOURAGING - MCMULLAN

As his four day visit to India - at the head of Australia's biggest-ever business mission to the sub-continent - draws to a close, the Minister for Trade, Senator Bob McMullan, said in New Delhi today that Australia and India are on the verge of a comprehensive and enduring partnership.

Senator McMullan told the closing session of the 4th Australia-India Joint Ministerial Commission the business mission had made a solid start on the three major pre-visit objectives:

. to present a new picture of Australia to India

. to learn more about the business environment in India

. and to tackle impediments to further bilateral trade and investment.

"One of the major issues discussed with Indian officials was the creation of conditions for more mutually beneficial two-way trade, for example by reducing tariffs on products such as coal, wool and semi-processed food," Senator McMullan said.

"We also discussed ways to enhance two-way investment by further refining the regulatory environment, looking at ways to finance economic development, and finalising our Investment Promotion and Protection Agreement.

"It is now up to the Australian Government, industry and bodies such as the Joint Ministerial Commission and the Joint Business Council to follow up on the advances we have made on this visit."

Senator McMullan met with the Indian Ministers for Coal, Mines, Power, Steel, Petroleum, Surface Transport, Communications, External Affairs, and the Minister of State for Commerce during his visit. Other than business, topics included the Indian Ocean Forum to be held in Perth in June and the major Australian promotion to be held in India next year.

Members of the business delegation met existing and prospective business partners to discuss frameworks for ongoing commercial relationships, and Senator McMullan witnessed several agreement signings in New Delhi. These included agreements reached by AWA and Stanilite for telecommunications technology and equipment.

Senator McMullan and Australian business leaders leave tomorrow for Jordan and Israel.

Further information: John Flannery, (06) 277 7420, 018 482 887