India, Australia to start talks on FTA soon
By IANSMonday, January 24, 2011
MUMBAI - India and Australia will soon start negotiations on a free trade agreement (FTA) aimed to strengthen bilateral economic relations, Commerce and Industry Minister Anand Sharma said Monday.
“An FTA with Australia has the potential to enhance trade in goods, services and investment between the two countries,” Sharma said after meeting his Australian counterpart Craig Emerson here.
Sharma said he would start formal discussions on the proposed free trade agreement with Australia after the World Economic Forum to be held Jan 26-30.
During their meeting held on the sidelines of the Partnership Summit here, the two ministers also emphasised the need for early conclusion of the Doha round of WTO trade talks. “They have agreed that 2011 is critical to take these negotiations to a logical conclusion,” a commerce ministry statement said.
India’s bilateral trade with Australia was $13.8 billion in 2009-10. The balance of trade is heavily in favour of Australia, with India’s exports to Australia just $1.4 billion while its imports are $12.4 billion.
Indias imports from Australia largely consist of gold, coking coal, copper ores, petroleum and LNG, alumina and wool, while India’s exports to Australia are mainly IT and IT-enabled services.
