Australian currency is doing average in the Foreign Exchange market
Australian Trade Minister, Simon Crean, is insistent on making India a member of the Asia-Pacific Economic Cooperation (APEC) forum so that the group holds all the region’s major economic and political powers.
He will be visiting India and meeting our Trade Minister Kamal Nath to talk about the Doha Round of meetings. The Doha Development Round is doing well to bridge any kind of gap that exists between the countries thereby permitting free trade.
Hopefully, the discussions between both the trade ministers will lead in a better rapport between the countries and will fetch great benefits to India.
Furthermore, the trade minister of Australia is quite interested in investing lump some in India. Crean believes that India has lot of potential to develop. He is certain about the future course of the Indian economy and has indicated this confidence by doubling their investment in India (almost two billions).
If we have a look at the recent times, there has been a huge rise almost 63 per cent in the Indian students seeking admission in the Australian Universities making India the second-largest country of origin for overseas students in Australia. The country has welcomed them with open arms. The students are even willing to settle down there itself by becoming citizens of Australian origin. On the other hand, some are ready to move to Australia on immigration grounds, by fulfilling couple of formalities that are needed.
In addition, nowadays Australia has become the favorite holiday destination for Indians. People prefer to travel to Australia, since it’s far more economic compared to other countries. Also, unlike other countries; the Australian embassy doesn’t delay in issuing the visa if the documents are valid and appropriate.
The Australian Government is quite cooperative and has also granted permission for organizing lot of international events and concerts. The celluloid is no exception. There has been an upsurge in the film shootings taking place in Australia, unraveling the untouched spots of this beautiful country.
Crean is quite satisfied with the trade relationship that the countries share with each other. There is a rapid growth in the Australian imports in India and vice-versa. India stands as the 4th biggest market for Australia where exports are concerned. Merchandise exports to India grew from 7.3 $A Billion in 2005-06 to 10.1 $A Billion in 2006-07. The major exports being Coal, Gold, Copper Ore, Wool, Horticulture, etc. The reason for this expansion is obvious, the increasing Indian population in the country.
Meanwhile, lots of Australian companies are coming to India and are quite keen to collaborate with us on the economic front as well as in food and technology. We can see examples like Leighton Contractors, Orica, Macquarie Equities; many branches of the Tata Group, Linfox, and KPMG are working with their Indian and Australian partners across many sectors of businesses.
Also, the Australian currency is doing average in the Foreign Exchange market also. It has remained stable in comparison to U.S dollar which is falling down constantly.