India, Australia debate trade pact

India, Australia debate trade pact

The decision was taken at the meeting of India Australia Joint Ministerial Commission (JMC) held here.The Indian side was led by Union Commerce & Industry Minister Anand Sharma while Australian side was headed by Australian Trade Minister Simon Crean.

Both the sides decided to go for FTA on the basis of recommendation made by the India-Australia FTA Joint Feasibility Study Group. The ministers announced that both sides would undertake further internal processes before negotiations could be launched.

“We will hold necessary inter-departmental discussions on various aspects of proposed FTA. After that we will proceed for the FTA,” Sharma told reporters.

On the timeframe for conclusion of proposed FTA, Crean said “Both sides are eager to have FTA, which holds immense potential for boosting bilateral trade and investment.” To accelerate pace of economic cooperation between the two countries the JMC also decided to constitute an India-Australia CEOs Forum.

“Australia will hold the first meeting of the Forum,” Crean said. At the meeting both the countries reviewed the current status of their bilateral cooperation.

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