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Sydney Morning HeraldThe Minister for Trade, Simon Crean, with his Indian counterpart Minister of Commerce and Industry Anand Sharma, yesterday welcomed the conclusion of the Australia-India Free Trade Agreement (FTA) Joint Feasibility Study.The Study recommends negotiation of a comprehensive bilateral FTA that includes trade in goods, trade in services, investment and other trade and investment facilitation and cooperation measures, as a single undertaking.
“An FTA with India will continue the momentum of Australia’s economic integration with Asia - the fastest growing region in the world.” India is Australia’s fastest-growing major two-way trading partner, reflecting the largely complementary nature of the two economies. Two-way trade grew 55 per cent to nearly $22 billion in 2008-09.
“India is the world’s largest democracy and is a market of 1.2 billion people. Its youthful population, diversified economy and growth trajectory present significant opportunity for Australian business, especially in the agriculture, energy, manufacturing, mining and services sectors,” Mr Crean said.
“Australia’s exports to India have increased by an annual average of over 25 per cent over the past five years, making India our fastest-growing major export market. It is our fourth-biggest export market, up from 13th a decade ago.”
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http://www.ausfoodnews.com.au/2010/05/05/major-step-towards-a-free-trade-agreement-between-australia-and-india.html