Welcome Guest

Businessex.Com
Home News India Australia to hold FTA negotiations

India Australia to hold FTA negotiations

July 14, 2011 | COMMENTS ( 0 )

India Australia to hold FTA negotiations

Australia and India will be holding the first preliminary round of Free Trade Agreement (FTA) negotiations in India in June, reports a news agency.

"Negotiators are currently doing consultations with the industry, stakeholders and then they will meet at the end of this month in India," Australian High Commissioner to India Peter Varghese said in Melbourne during his mid-term consular visit.

In May this year, Indian Commerce and Industry Minister Anand Sharma met Australian Trade Minister Craig Emerson in Canberra, where it was agreed by both sides to start negotiations on a comprehensive economic cooperation agreement.

India had already given the green signal to negotiate for an FTA with the Australian side following the completion of a feasibility study showing each side would gain more than USD 30 billion over 20 years from lowering barriers.

Australia's trade with India has been growing rapidly, with exports, dominated by gold and coal, soaring from USD 11.8 billion to USD 20.0 billion in the past two years.

Trade is heavily in Australia's favour, with imports in the past year of only USD 2.5 billion from India.

Emerson said Indian business was keen to invest directly in Australia. A free trade agreement with India was first canvassed under the Kevin Rudd government, with the feasibility study completed last July.

Barghese said the interests of India and Australia were converging fast and in a way that they had not been for a long time.

"It provides a very good basis to build the strategic partnership we both want to do. Economic relations is booming, particularly in terms of trade and investment. The more we build that up, the easier it will be to broaden the relationship into non-economic relations areas," Varghese said.

However, Varghese said the process to bridge the two sides differences would, however, take time.

"It's now a question of patiently building substance into the relationship... the more substance we have, the more capable we will be in dealing with any differences or views or issues that come out of the left field and could disrupt the bilateral ties. I think thats what we are doing, particularly on the economic front," he commented.

"Firstly, the trade, that will be central. It's going to be the load-bearing pillar of the relationship. That is developing very well and we are looking at a 20 per cent growth rate for the next five years in exports and imports," he suggested.

"We are now seeing serious numbers in terms of investment into the coal sector, so that part of relationship is at a very good dynamics and we have got the FTA negotiations," Varghese said, adding it was now a question of time to see how far the two sides' relationship could go.


 

 

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....