India and Australia are in the advanced stage of finalizing a MoU on the production and trade of wool and woolen products in India and Australia. The Union Minister of Commerce Industry and Textiles Shri Anand Sharma informed the visiting Australian Minister of Sports, Industry and Innovation Ms Kate Lundy, here that process of the approval of the draft for the MoU is in the final stages.

“We are seeking to setting up a world class wool testing laboratory in Mumbai in collaboration with the Wool testing Authority in Australia and Wool Research Association in Mumbai,”Shri Sharma said.

The MoU will explore possibilities for enhanced cooperation and development in the field of wool and woolen products by way of capacity building, research and training, in areas including improved wool production, quality assurance and testing, skills development and improvement, integrated wool processing and development, and marketing systems.

Furthermore, collaboration with the Australian wool exchange for establishing a wool exchange on similar lines in Indian and collaboration with Australian Wool Innovation for promotion of manufactured wool products to boost the efforts being made by Wool Texpro are also on cards.

Textiles imports from Australia during the calendar year 2010 was USD 155 million and the majority of it was on account of the Wool sector. India has emerged as 3rd largest supplier of apparel to Australia after China and Bangladesh.

Bilateral trade between India and Australia in the year 2011 was US$ 14.906 billion which has increased from US$ 13.701 billion in the year 2010. The figure for the period Jan-Mar 2012 is US$ 4.516 billion. Exports for the year 2011 were US$ 2.088 billion up from US$ 1.643 billion in the year 2010. The exports for the period Jan- Mar 2012 is US$ 0.819 billion. Imports for the year 2011 were US$ 12.817 billion.