NEW DELHI: Negotiations for a free trade agreement (FTA) between India and Australia are moving forward and both sides are “probably getting nearer” to conclusion of talks, Commerce and Industry Minister Nirmala Sitharaman today said.
“We have made our offers. But renewed and refined or enhanced offers are awaited. In services also, we are negotiating for a better offer from Australia having given our own wish-list,” she told reporters on the sidelines of a CII function.
“So, it is at a very critical stage. We are closed to probably getting nearer an agreement.”
She said the trade envoy of Australia met her in the morning and “we hope to progress”.
Earlier, Finance Minister Arun Jaitley had said he expected substantial headway in negotiations for the agreement and has also expressed hope for its early conclusion.
The talks for a comprehensive economic cooperation agreement (CECA), also known as FTA, between India and Australia started in 2011 to provide fillip to trade and investments between the two countries.
Both sides were expecting to conclude the negotiations as early as possible, but there were differences on issues like a duty cut in dairy and wines.
Several rounds of negotiations have been completed for liberalising trade and services regime, besides removing non-tariff barriers and encouraging investments.
Australia is pushing for tariff reduction in dairy, fresh fruit, pharma, meat and wines. On the other hand, India wants zero duty on auto parts, textiles, and fresh fruits, including mangoes and greater access in the services sector.
The bilateral trade stood at USD 13 billion in 2014-15 as against USD 12.12 billion in the previous fiscal.(Agencies)
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