Of late, there is a significant awareness of the possible improvement of the bilateral trade relations between India and Australia. Several Australian companies appear to be eager to invest in India particularly, in the key sectors, such as mining, agri-business, infrastructure and power. Yet, trade statistics indicate that the potential has not been fully realized. Despite the opening up of the Indian economy and the lowering of tariffs by Australia, India accounts for only a negligible proportion of Australia's trade. And growth of this trade has also been marginal.