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India and Australia have launched negotiations to conclude a Comprehensive Economic Cooperation Agreement (CECA). The announcement came today in a joint press conference at Canberra by Shri Anand Sharma, Minister for Commerce and Industry, and Mr. Craig Emerson, Minister for Trade of Australia. The press conference followed the 13th Session of the Australia-India Joint Ministerial Commission, held in Canberra on May 12, 2011. Speaking on the occasion Shri Sharma, termed the proposed CECA a “high-quality, truly-liberalising” pathway to closer economic integration between India and Australia. The CECA, when concluded, is expected to assist in broadening the base of merchandise trade, remove non-tariff barriers impeding trade in services, and facilitate two-way investment. The first round of negotiations is expected to take place in India in June 2011. Both the Ministers also stressed the critical role of the private sector in creating a parallel pathway to closer bilateral economic integration, and announced the launch of a CEOs Forum; Shri Naveen Jindal was co-chairing CEO Forum from the Indian side, and Mr. Lindsay Fox as co-chair from the Australian side. First meeting of the forum is expected to take place later this year.
India is presently Australia's third largest export destination after China and Japan. Australia is India's eighth largest trading partner. In the last financial year, two way trade in goods and services was of the order of Australian $ 20 billion. Trade has been growing by an average of 25% per annum over the last five years and is driven by the strong complementarities between the two economies. The imports from Australia are overwhelmingly of mineral resources such as coal, copper, nickel and gold, serving as critical components in India's economic growth. LNG imports are also due to start in a few years, as Australia's importance grows as a supplier of natural gas.
Other areas of importance are clean and renewable energy technologies and skills development programmes in the identified priority sectors of mining, construction, hospitality and retail. Co-operation in the agricultural sector is expected to be given a big boost, with the export of mangoes to Australia set to start from June this year and co-operation in wool production and quality improvement in the offing.
Shri Anand Sharma followed up on his meetings with five senior Australian Cabinet Ministers in Canberra yesterday with a meeting today with Australian Prime Minister Julia Gillard, who expressed her satisfaction at the outcome of Shri Sharma's visit and re-affirmed her strong commitment to the India Australia strategic partnership.
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DS/GK
(Release ID :72106)
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