Australia and India Launch Free Trade Talks

May 12, 2011
India is Australia's third-largest, and fastest growing, export market.

Australia and India launched talks on establishing a Free Trade Agreement (FTA) aimed at greater economic integration between the two countries.

Negotiations took place between Australian Trade Minister Craig Emerson and his Indian counterpart Anand Sharma with the focus on broadening the base of merchandise trade and removing barriers to services trade.

India is Australia's third-largest, and fastest growing, export market, with $21 billion worth of goods and services sent in 2009-10.

Demand for Australian commodities such as gold, coal, and copper is driving trade although education is worth Aus$3 billion, a figure that is growing.

Emerson said a comprehensive FTA would work for both countries with a feasibility study last year showing that a deal would boost Australian gross domestic product by $32 billion over 20 years.

It also said Indian growth would increase by $34 billion in the same period.

"The extremely strong growth in recent years in trade and investment ties with India will continue, increasing both in pace and scope," he said in a statement.

He underlined the importance of achieving a high-quality, truly-liberalising trade deal that supported the multilateral trading system.

"The FTA negotiations form an important part of the wider economic objectives set by the Australia-India Strategic Partnership agreed in November 2009," said Emerson.

Emerson and Sharma will meet again at the OECD Ministerial Council in Paris later this month where they will continue their discussions.

Asia is Australia's key export market, with China its largest partner.

Copyright by Agence France-Presse, 2011

Popular Sponsored Recommendations

Discover How an Eye Tracking Study Improves Training Procedures

Oct. 29, 2023
Did you know that your training processes can be streamlined by visualizing and analyzing key skills within your employee base? Find out how we use eye tracking to capture advanced...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Goodridge Boosts Productivity & Saves Costs by Moving to the Cloud!

Dec. 4, 2023
With Infor's cloud solutions, Goodridge has been able to greatly increase overall productivity, cost savings, data visibility, and automation. This case study discusses the many...

Electric Vehicles Spark New Opportunities in the Automotive Industry

Dec. 4, 2023
Automakers have increased plans to produce Electric Vehicles to meet customer demand for low emissions. With this radical shift, new opportunities and challenges for the auto ...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!