Australia and India are edging closer toward a major trade agreement despite ongoing challenges, according to the High Commissioner of India to Australia Ajay M Gondane.
Mr Gondane told SBS News on Thursday that both countries were still working to achieve a Comprehensive Economic Cooperation Agreement (CECA).
Australia and India started negotiating the CECA in 2011, with progress stalling over the years.
"There are some differences but these differences can be narrowed with negotiations, with interactions, with engagements. And this process is going on," he said.
Mr Gondane said he hoped to see far more Australian investment in India, specifically education.
"[We have] embarked on a mission to upskill 400 million people... Australian technical skill development is world class," he said.
Ajay M Gondane talks to SBS News. Source: SBS News
He also said the "middle-class market of some 350 to 400 million people" as "likely to increase", a potential boon for Australian businesses.
"Australian trade and investment [in India] is growing ... [It's] far below the potential, but this potential can be realised."
It's a sentiment that's shared by Australia's Department of Foreign Affairs and Trade.
A report released in July by DFAT found that "no single market over the next 20 years will offer more growth opportunities for Australia than India".
"By 2035, India will overtake China as the world's most populous country. It is poised to become the third largest economy, after China and the United States," the report said.
Challenges remain
But big challenges remain, a point acknowledged by both Australia and India.
Trade Minister Steve said on Wednesday that the free-trade deal with India had stalled yet again because the two sides were still too far apart on several issues, especially over grain exports.
"Australian farm exporters to India have been whacked with a range of new trade distortions over the past year," Mr Ciobo said.
"These are profoundly disappointing developments... The Turnbull government has expressed its concerns to the Indian government at the highest levels in the clearest possible terms."
Mr Ciobo said he met with Indian Commerce Minister Suresh Prabhu in June to say India has nothing to fear from Australian producers.
"The truth is India's demand for food products, including grains and pulses, will outstrip supply by a wide margin," he said.
According to DFAT, Australia's top export markets for 2016-17 were China, Japan, the Republic of Korea, the US and India.
- Additional reporting: AAP
