Fourth round of India-Australia FTA talks likely in August

To fast-track talks for the proposed free trade agreement (FTA), India and Australia are

RELATED ARTICLES

expected to hold the fourth round of negotiations by the end of August, an Australian envoy said today.

"I think towards the end of August it (the fourth round of talks) should happen. That's what we are hoping for," Australian High Commissioners Peter N Vergese told reporters here on the sidelines of a PHD Chamber of Commerce event.

The FTA negotiations, which started last year, are still at early stage and the two countries have not yet exchanged the first list of goods and services that are to be exempted from duties and are to be liberalised.

"We have not set ourselves any deadline. Obviously, we would like it to happen as early as possible but until we get down to tabling of offers, it's bit difficult to guess. My description would be that it is early days and only at preliminary stage," Vergese added.

According to a feasibility study conducted by both the countries jointly, the comprehensive FTA is likely to result in India gaining between 0.15 and 1.14 per cent of its gross domestic product (GDP), while Australia would end up with the gains between 0.23 and 1.17 per cent of its GDP.

At present, India is Australia's third largest export market and bilateral trade between the countries stands at about $ 22 billion.

The two countries have set the target to increase it to $ 40 billion by 2016.

India has comprehensive FTAs with Japan, Malaysia and South Korea and it is negotiating similar agreements with many countries, including Australia.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • E-auction and eventual privatisation of coal industry are welcome steps

    The government’s decision to privatise the scam-ridden coal industry through a presidential ordinance will eventually end the monopoly of public sec

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Rajgopal Nidamboor

Synchronous balance is vital for one and all

Imagine that you are playing an electronic game, or actually ...

Shona Adhikari

When women to birds become a painter’s muses

This week the focus is on renowned artist Amitabha Banerjee, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture