The Premier of New South Wales, Barry O’Farrell, MP, calls on the Union Minister for Commerce & Industry and Textiles, Anand Sharma, in New Delhi on Nov 17.

SME Times News Bureau | 18 Nov, 2011
The Union Minister of Commerce, Industry and Textiles, Anand Sharma, has welcomed the Australian decision of reversing its ban on selling uranium to India.

In a meeting in New Delhi on with Barry O’Farrell the Premier of New South Wales, Australia, Sharma Thursday said this decision will be welcomed all around and is in line with the strategic nature of the relationship between the two countries.

Sharma further mentioned that India is going through a decade of innovation and for this purpose, India has institutional linkages with Germany, Switzerland and U.K. in the sectors of agriculture, pharmaceuticals and precision engineering.  

India and Australia have huge potential in collaborating in this area.  Sharma recalled his meeting with Senator Kim Carr, Australia’s Minister for Technology where both sides expressed willingness to collaborate in the fields of bio technology, Automobile sector ICT and mines.

Minister raised the concerns regarding pharmaceutical exports from India to Australia require approvals from Therapeutic Goods Administration (TGA).

The TGA approval process is a long drawn out and expensive process. There is no recognition or concession to Indian companies who have FDA approval or GMP certificate, which allows a faster process.

Minister suggested that using the services of Australian professionals to draw out a standard which when followed by the Indian companies would result in obtaining permission to export their medicines to Australia. This would not only help in improving the standards of our industry as well as make it easier for Indian companies to enter the Australian market which is very lucrative for the pharmaceutical sector of India.

Bilateral Trade between India and Australia in 2010 has been USD 13.708 billion. Total trade between January to August 2011 has been USD 9.351 billion. India is engaged with Australia in negotiations Comprehensive Economic Cooperation Agreement.

Sharma emphasized that both sides must aim for concluding the agreement latest by middle of 2012.