India, Australia to collaborate in wool production and trade

New Delhi, May 2 (IANS) India and Australia will jointly set up a wool testing laboratory in Mumbai and collaborate in the production and trade of woollen products.

"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," Commerce and Industry Minister Anand Sharma said Wednesday.

The two countries are at an advanced stage of signing a memorandum of understanding (MoU). After meeting visiting Australian Minister for Sports, Industry and Innovation Kate Lundy here, Sharma said the process of approval of the draft for the MoU is in the final stage.

The MoU will explore possibilities for enhanced cooperation and development in the field of wool and woollen products by way of capacity building, research and training, according to a statement released by the ministry of commerce and industry.

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, it said.

India's imports of textiles from Australia during the calendar year 2010 was worth $155 million, majority of it was related to wool.

India has emerged as third largest supplier of apparel to Australia after China and Bangladesh.

Bilateral trade between India and Australia rose to $14.90 billion in 2011 as compared to $13.70 billion in the previous year.