The potential does exist and it is very considerable. India's traditional exports like textiles, clothing and footwear could fare better in the Australian market with enhancement of their competitiveness as well as more effective marketing and promotion. As for Australia's major exports of coal, copper ore and wool, these have bright prospects as they provide significant inputs for Indian industry and exports, bidding fair to enlarge in volumes as the rate of India's industrial growth increases and as the process of economic reforms makes further headway. The recent reduction of Indian tariffs on wool may be mentioned in this context. For another, India's elimination of quantitative restrictions on imports from next year will favour more market access for Australia's products.
Manufactured exports are yet to figure significantly in our trade exchanges.
When one considers the diversified capabilities of our manufacturing sectors, the need and the possibility of enhanced manufactured exports become clearly evident. Sustained efforts for market exploration and penetration are necessary to make it happen. It pleases to me to note that the Australian Department of Foreign Affairs and Trade is launching an internet-based case study of Australian companies from different sectors as part of its efforts to disseminate knowledge of the growing trade opportunities in India. I believe that such a study will serve the laudable purpose of exploring areas where trade and investment ties between the two countries can be promoted to mutual advantage, while providing practical information for business and industry in both countries.