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FTA between Australia and India

The Minister for Trade, Simon Crean, with his Indian counterpart Minister of Commerce and Industry Anand Sharma has welcomed the conclusion of the Australia-India Free Trade Agreement (FTA) Joint Feasibility Study.

The study, conducted by the Centre for International Economics, recommends negotiation of a bilateral FTA that includes trade in goods, services, investment and other facilitation and cooperation measures, as a single undertaking.

According to the independent model, an Australia-India FTA could result in a net increase in Australia’s GDP by up to $45.5 billion and India’s GDP by up to $48.3 billion over a period of 20 years.

Ministers Crean and Sharma endorsed the feasibility study recommendation noting that both sides would need to undertake further internal processes before negotiations could be launched.

“The joint study finds that an Australia- India FTA is feasible. It makes a strong economic case that both Australia and India would gain significant economic benefits from a comprehensive FTA. An FTA would open up trade, investment and job opportunities in both countries,” Crean said.
Australia is currently negotiating FTAs with three North Asia nations in China, Japan and Korea. At the start of 2010 the ASEAN-Australia-New Zealand FTA came into force.
 

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