Fifth round of proposed India-Australia FTA talks in April
Economic Times, India
Fifth round of proposed India-Australia FTA talks in April
30 January 2013
NEW DELHI: India and Australia are expected to hold the fifth round of negotiations in April in a bid to fast track talks for the proposed Free Trade Agreement (FTA).
"The next round of negotiations are scheduled to take place in April in Australia. There has been a discussion on exchange on goods offer and now exchange in services and investments would take place," Australian Trade Minister Craig Emerson has said.
Both the countries will bring negotiations to conclusion as quickly as possible with a view to have a balanced agreement, he told reporters here last night after the 14th Australia-India Joint Ministerial Commission (JMC) meeting that was headed by Commerce and Industry Minister Anand Sharma from the Indian side.
The FTA negotiations were started in 2011. So far, four rounds of negotiations including exchange of goods offer have taken place.
Sharma has said: "No deadlines have been set but there is a commitment that we will have an ambitious and balanced FTA."
During 2011-12, the bilateral trade stood at about USD 18 billion and the two countries had set a target to increase it to USD 40 billion by 2016.
Sharma and Emerson reiterated that a comprehensive, equitable agreement would broaden the base of merchandise trade, remove non-tariff barriers that impede trade in services, facilitate and encourage investments.
Besides, the two ministers reaffirmed their commitment to finding ways to break through the current impasse in the Doha Round of World Trade Organisation negotiations, according to a joint statement.
Expressing disappointment that it had not been possible to conclude Doha Development Agenda to date, they agreed on the importance of moving the process forward, particularly in the current global economic environment. They also agreed on the need to resist rising protectionist pressures, it said.
Sharma said Australia and India are working closely at the WTO and are seriously looking at ways to have a meaningful outcome of the ninth Ministerial Conference scheduled in Bali this year.
"But before that, we will have an opportunity to meet, particularly the key stakeholders (ministers), so that we can take the process forward," Sharma said.
"There has been a regular exchange and I can share with you that our ambassadors in Geneva will seriously engage in as we prepare the agenda subsequently," he added.
The next JMC meeting would be held in Australia in 2014. Stating the critical role played by industry in driving trade and investment between the two countries, both the ministers commended the important work under way in the India-Australia CEOs Forum. The third meeting of the Forum will be held in Australia in March 2013, it said.
