Australia is a better place for these changes - more competitive, more secure, more prosperous, more confident. . India, too, is opening up to the world. Its economic transformation since 1991 has been remarkable. . Economic growth, exports and foreign capital inflows have all risen dramatically. India has recognised that economic dynamism can only be achieved by releasing the energies of the private sector, and by joining fully with the world economy. .
Economic reform is, however, an ongoing process.
India's policy of increased engagement with East Asia is another positive development. Because of the economic changes that have occurred in both Australia and India, there are now great potential to strengthen our partnership, building on long-established and valued ties. . Commercial ties are leading the way. Investment has also accelerated and Australia is now one of India's top ten investors. . India is in the process of becoming one of Australia's most important regional and bilateral partners.