WTO Trade Agreements
The preliminary round of talks on the Free Trade Agreement (FTA) negotiations between Australia and India is set to be held by the end of July, 2011. A set of negotiations is in progress with the
industrialists, stakeholders and investors, and a meeting will be called upon for the purpose.
Although the two economies are not unacquainted with the challenges dotted in the proposal, they are being optimistic about the benefits in store for them in this comprehensive economic cooperation agreement.
India has urged negotiation with the Australian government for an FTA, concluding by a feasibility study finding that each nation can gain more than US $30 billion over twenty years from relaxing
trade barriers. In this situation wherein liberalisation is emerging as the main solution to the global economic problems and challenges faced by India, it becomes important to note that the role played by the developed nations in this effort is indispensable.
Australia's trade with India has been on the rise, with exports, mainly of gold and coal, rising from US $11.8 billion to a US $20.0 billion in the past two years. Trade is heavily in Australia's favour, with imports in the past year of only US $2.5 billion from India.
What is of prime concern for Australia, is the improvement of chances for Australian services firms to operate in India, while Australian farm producers want improved access to Indian meat markets.
FTA Watch - India: A digest on India's Free Trade Agreements and alternatives to free trade