India and Australia have agreed to undertake a joint feasibility study into the benefits of a free trade agreement (FTA) between the two countries.
According to the Indian government, trade and investment links between Australia and India have grown rapidly in recent years. It is expected that the study would provide a timely opportunity to examine the potential for benefits which might flow from a bilateral FTA.
India is emerging as one of the key drivers for global economic growth, and its rise will be increasingly critical to world economic development. Australia’s established economic strength and competencies make it a significant trading partner for many countries, including India, the Ministry of Commerce and Industry stated.
In particular, the study will focus on the impact an FTA could have on promoting economic growth in both countries, on bilateral trade in goods and services, as well as on investment and other commercial linkages.
The governments will initially hold bilateral meetings to discuss the terms of reference for the FTA feasibility study. The study will commence in late 2007, and is expected to be completed in 2009.
Two-way trade in goods and services between Australia and India reached US$7.76 billion in 2006-07.
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