India-Australia Economic Cooperation Agreement.
Status of the India-Australia Exhaustive Economic Cooperation Agreement - Proposed/Under consultation and study
- In 2008, a Joint Study Group was created to examine the possibilities for establishing a Free Trade Agreement between India and Australia
- An exhaustive
agreement would assist in broadening the base of the bilateral trade of products by addressing tariff barriers and behind border restrictions on the International trade in goods
- A Free Trade Agreement (FTA) could facilitate the trade in services
growth by reducing the Technical Barriers to Trade
- The welfare gains for India and Australia could be between 0.15 and 1.14% of the GDP for India and 0.23 and 1.17% of the GDP for Australia
International trade India-Australia.
- Foreign trade between Australia and India has grown strongly over
recent years
- Trade between Australia and India reached USD 16 billion, of which the international trade in goods was the largest component, at USD 12.9 billion
- Bilateral trade in services has risen markedly off a low base and amounted to USD 3.1 billion
- India is one of the fastest growing markets for the Australian products and services
- India is the third largest Australian export market
for wool (50% of wool imports of India)
- Exported products from India to Australia reached USD 1.45 billion, while services exported to Australia were USD 529 million
- India exports a range of services to Australia, including the information technology, software, and BPO
- Indian foreign direct investment in Australia has augmented in the recent years
- Top sector for the foreign direct investment is hospitality, manufacturing, software, banking, and telecommunications sectors
The India-Australia Free Trade Agreement is an inter-civilization agreement between the Hindu Economic Area and Oceania (Western Civilization).
Indian Trade Agreements: Sri Lanka, Thailand, Indonesia, Singapore, ASEAN, South Korea, EU, New Zealand, Africa-India, Mauritius, Canada, Gulf Cooperation Council (GCC), SACU, SAARC...