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India, Australia to initiate FTA discussions soon
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Namrata Kath Hazarika | 04 May, 2010
The feasibility study conducted between India and Australia recently is a significant step towards inking a free trade agreement (FTA) between the two nations, said the Trade Minister of Australia, Simon Crean on a six-day visit to India in New Delhi on Monday.
"Obviously, the question of the free trade agreement could be the subject of the feasibility study which has been prepared. And, what the respective governments agree accordingly it should be perceived. But, the feasibility study is based on a comprehensive FTA covering all sectors, agriculture goods, services, and investment," said Crean on the sidelines of a CII event on 'Strengthening India-Australia Trade Relations'.
Without dwelling views on the deadline of the FTA negotiation, he said, "I will not put a deadline on it as I have not done it in any FTA negotiations. While, there are opportunities in both the countries."
The minister stated that both India-Australia are likely to accept the feasibility report on the agreement, which has been prepared by a joint study group to enhance business ties between both the countries.
"It shows that there are lots of sector which have significant benefits in both economies. We now require the political commitment to take up the next step," he added.
Though the bilateral trade has reached $13 billion in 2008-09 with an annual growth of 25%, trade barriers still hamper the growth, he said.
He emphasised on addressing these trade barriers sensibly and said that a free trade agreement, which will be negotiated between the two countries, is going to be a fundamental force to strengthen bilateral economic cooperation.
Crean also underscored that all the sensitive issues would be discussed but he prefers that a focused attention should be given to find out the opportunities thereby enhancing the bilateral relationships and strengthening both the economies.
Issues such as labour, environment and the government procurement will be likely kept out of the ambit of the trade negotiations between India- Australia.
Crean also identified agriculture, education, services, mining, water management, urban development and infrastructure as areas for cooperation between India and Australia.
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