Australia hopeful of securing free-trade agreement with India soon
MELBOURNE : Australia is hopeful of securing a free-trade agreement with India "sometime this year", Trade and Investment Minister said recently after the Country signed the historic Trans Pacific Partnership Agreement with 11 other nations. Andrew Robb, with his counterparts from 11 other nations signed the Trans Pacific Partnership Agreement (TPP) deal in Auckland in New Zealand.
He said the agreement brings enormous promise across both traditional areas of trade and investment and so-called 21st century areas like e-commerce and increasingly important global value chains. He said "there are some quite sensitive issues but we are making good progress," the report said.
According to a feasibility study conducted by both the countries jointly, the comprehensive FTA is likely to result in India gaining between 0.15 and 1.14 per cent of its GDP, while Australia would end up with the gains between 0.23 and 1.17 per cent of its GDP.