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AUG 31 2017

Adani project moving at slow pace, says Australian trade minister

  • Economic Times, ET Bureau / Hyderabad
  • Created: Thu 31st AUG 2017

 

Australia’s trade minister on Wednesday said that Adani Group's $16.5-billion Carmichael coal project is moving ahead but slower than what his government would have liked.

"It is certainly moving forward...there have been aspects of that investment that have taken much longer than I would have liked or government would have liked," Australia's Trade, Tourism and Investment Minister Steven Ciobo said.

The company has said it will start work on its Carmichael coal project-touted as one of the largest mines in the world- in October and is expected to ship the first consignment in March 2020. The group has for more than five years faced stiff opposition from Australia’s environmental groups.

Trade agreement talks

Ciobo who met commerce and industry minister Nirmala Sitharaman on Wednesday said that India and Australia are working towards signing a “high quality” trade agreement officially called Comprehensive Economic Partnership Agreement (CECA).

Commenting on the $8.18 billion trade deficit that India has with Australia, the minister said: “Trade surplus or deficit is not a good measure for a good quality trade and investment relationship.

Bilateral trade between the countries increased to $14.12 billion in 2016-17 from $12.16 billion in the previous fiscal and is heavily in favour of Australia.

Tags

Adani Enterprise Limited BILATERAL Coal Adani Group India Australia CECA

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