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New Delhi/PTI: India and Australia will hold the third round of negotiations for the conclusion of a comprehensive free trade agreement in Sydney later this month.
"The third round of Comprehensive Economic Cooperation Agreement (CECA) would be held on May 24-25 at Sydney," J K Dadoo, Joint Secretary, Commerce Ministry, said at an event here.
The negotiations for CECA, which would help diversify trade and investment inflows, started in May last year.
The pact would broaden the bilateral trade ties, remove non-tariff barriers impeding trade in services and facilitate two-way investments, he said.
The trade between India and Australia was valued at USD 12.5 billion, which was largely in favour of Australia, in 2010-11. The bilateral trade is expected to touch USD 21 billion this year, the official said.
The trade deficit is estimated to touch USD 15 billion in the current fiscal from USD 9 billion in 2011-12.
"The trade deficit between the two countries is likely to rise to USD 15.18 billion this year," he said.
India exports goods like clothing, textiles and footwear to Australia while imports items such as iron ore and coal.
Besides discussing the modalities of the agreement, India is expected to raise some major issues like social security and widening trade deficit during the meeting.
May 5, 2012
Source: Zee News, India
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