When the Indian Commerce & Industry Minister Anand Sharma meets his Australian counterpart Craig Emerson on May 12 they will begin talks regarding free trade agreement between the two countries. Today India is the 3rd largest export market of Australia. The Australian counterpart seemed to welcome the Indian government’s proposal of negotiations regarding a formal agreement related to free trade agreement between both the countries. According to him if the agreement goes through it would be a milestone to the diplomatic relations between the two countries.
He also quoted about the importance of India in the Australia’s commodity and education exports. Further continuing he mentioned that today India is an enormous market and a vast market for the Australian export houses. He continued saying that such a deal would broaden their base of commodities that are traded with the removal of barriers of service trade, facilitating the investors more to carry out their trade. According to him in order to achieve zero tariffs it has to be bilateral and could only be achieved through trade liberalization.
Currently Australia has free trade agreements with countries like US, Singapore, New Zealand, Chile and Thailand.
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