Australian Treasurer in India on his way back from G-20

"Today I will meet with my Indian counterpart Pranab Mukherjee, Minister of Finance, to discuss the growing bilateral relationship between our two countries, as well as the important outcomes from last weekend's G20 Finance Ministers' meeting in London," Swan said.

He further said his visit is in recognition of the growing bilateral ties between India and Australia and the important role the two countries are playing in tackling the global recession. "These Ministerial level talks will build on an annual dialogue, chaired at Deputy Secretary level, between the Treasury and the Indian Ministry of Finance," he said.

During his brief stopover, Swan would also meet with Planning Commission Deputy Chairman Montek Singh Ahluwalia and Prime Minister's Economic Advisory Council Chairman Chakravarthi Rangarajan.

He is also expected to address senior government officials, business representatives and prominent academics at the invitation of the National Council for Applied Economic Research in New Delhi.

On the growing India-Australia trade, he said Australia's trade and investment with India has grown rapidly in recent years, making India their fifth largest export destination and one of the most important sources of international students.

Australia's trade and investment links with India were worth an average of $12.3 billion over the past five years and it grew by almost 45 per cent last year. He said the relationship has been of mutual benefit as Australia provides India with many of the resources and skills it needs to continue developing into a modern and dynamic economy.
"We have both also held firm in this global recession. Our financial sectors remain strong and our economies have continued to expand," Swan said in an official statement.

"India is now also a world leader and an increasingly active member of global and regional economic forums. It is important for Australia and India to work together to achieve positive outcomes in forums such as the G20 and the East Asia Summit, and today's talks will help achieve this goal," he said.