India, Australia to begin talks on FTA next week
India and Australia will launch talks next week on a "high quality" Free Trade Agreement with both countries agreeing on terms of reference for a feasibility study to remove all impediments to bilateral commerce.
By PTI |
MELBOURNE: India and Australia will launch talks next week on a "high quality" Free Trade Agreement with both countries agreeing on terms of reference for a feasibility study to remove all impediments to bilateral commerce.
"The FTA study will consider the feasibility of a comprehensive World Trade Organisation-consistent agreement covering trade in goods, services and investment," Australian Trade Minister Simon Crean said.
Crean said Australian and Indian officials will hold their first meeting in New Delhi next week and the study that will focus on tariff liberalisation and removing other impediments to trade is expected to be completed next year.
"I am pleased that India's Prime Minister, Manmohan Singh, has personally approved the terms of reference. Given the complementary nature of our economies in so many areas this is an exciting prospect," he said.
India is Australia's sixth largest and fastest growing major export market. "The bilateral trading relationship is increasing in importance for both countries," the Minister said.
The study will consider how an FTA might help take the economic partnership to a stronger level. High quality FTAs can bring considerable economic benefits through the jobs created by increased trade and investment and by bringing forward the pace of growth-enhancing economic reform.
Tariff liberalisation and the removal of other impediments to the trade in goods will be a key focus of the study, the Minister said in a statement.
"The FTA study will consider the feasibility of a comprehensive World Trade Organisation-consistent agreement covering trade in goods, services and investment," Australian Trade Minister Simon Crean said.
Crean said Australian and Indian officials will hold their first meeting in New Delhi next week and the study that will focus on tariff liberalisation and removing other impediments to trade is expected to be completed next year.
"I am pleased that India's Prime Minister, Manmohan Singh, has personally approved the terms of reference. Given the complementary nature of our economies in so many areas this is an exciting prospect," he said.
India is Australia's sixth largest and fastest growing major export market. "The bilateral trading relationship is increasing in importance for both countries," the Minister said.
The study will consider how an FTA might help take the economic partnership to a stronger level. High quality FTAs can bring considerable economic benefits through the jobs created by increased trade and investment and by bringing forward the pace of growth-enhancing economic reform.
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Tariff liberalisation and the removal of other impediments to the trade in goods will be a key focus of the study, the Minister said in a statement.
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