NEW DELHI: India has the potential to increase its goods and services exports to Australia to $15 billion by 2025 and $35 billion by 2035, according to Ambassador Anil Wadhwa, a former senior Indian Foreign Service (IFS) official. He was speaking about the bilateral trade opportunities at a round-table discussion organised by the Indo-Australian Chamber of Commerce last week.

Bilateral trade in goods and services between Australia and India stood at $23.3 billion in 2018, of which goods accounted for $17.8 billion while services contributed about $5.5 billion.

In a presentation titled, ‘Economic and Trade potential between India and Australia’, Ambassador Wadhwa highlighted that India accounted for only 2 per cent of Australia’s total merchandise imports and 2.7 per cent of services imports in 2018.