New Delhi, May 3 (Inditop.com) Mining and infrastructure, agri-business, clean energy and water management are potential areas of cooperation between India and Australia, Australian Trade Minister Simon Crean said here Monday.
“Australia is world leader in ore extraction and good mining practices and India can benefit by Australian technology and experiences in resources management and exploration including clean technology,” Crean told a press conference organised by Confederation Of Indian Industry (CII).
Crean, who is on a six-day visit to India, will discuss the feasibility study on a free trade agreement (FTA) between India and Australia with Anand Sharma, his Indian counterpart. The two countries are likely to accept the study, setting the stage for formal negotiations on the FTA.
“The feasibility study has been completed. It is on a comprehensive FTA covering all sectors and goods. Now, we are looking for political commitment to launching the FTA. We are focussing on opportunities and we want it to be a win-win for both the countries,” he said.
The study has been prepared by a joint group, set up in 2008 to explore possibilities of a FTA between the two countries. The group includes officials and academics from both Australia and India.
The ministers will hold a joint press conference tomorrow.
Crean said Australia-India interests converged on a number of issues, including the Doha Round of talks on freer world trade, climate change and the G20.
Bilateral trade between India and Australia has reached $13 billion in 2008-09 and Crean called for its promotion.
In a study released Monday, industry lobby FICCI highlighted that India’s current share in Australia’s total imports of services is lower than several competing countries in the Asia-Pacific region.
Despite over 44 percent growth in services exports from India in 2008-09, its share in the Australian services imports is still less than 1.5 pecent, the study pointed out.
“Trade in services is increasingly becoming an important component of Australia’s global trade. These (services) now constitute more than 20 percent of Australia’s total imports. Out of Australia’s worldwide services imports of 56.5 billion Australian dollar in 2008-09, imports from India stood at 806 million Australian dollar, significantly lower than imports from Singapore, New Zealand, Thailand, Hong Kong, China, Indonesia and Malaysia,” it said.
