Melbourne: Australia is hopeful of securing a free-trade agreement with India "sometime this year", trade and investment minister said today after the country signed the historic Trans Pacific Partnership Agreement with 11 other nations.
Andrew Robb, with his counterparts from 11 other nations signed the Trans Pacific Partnership Agreement (TPP) deal in Auckland in New Zealand.
He said the agreement brings 'enormous promise across both traditional areas of trade and investment and so-called 21st century areas like e-commerce and increasingly important global value chains.
The minister expressed hope of securing a free trade agreement (FTA) with India 'sometimes this year', a local TV channel reported.
According to a feasibility study conducted by both the countries jointly, the comprehensive FTA is likely to result in India gaining between 0.15 and 1.14 per cent of its GDP, while Australia would end up with the gains between 0.23 and 1.17 per cent of its GDP.
India's foreign investment into Australia is worth USD 11 billion. While, Australia has invested only USD 649.37 million during April 2000 and January 2015 in India.
"The tariff cuts will deliver material gains for our exporters across the board and place downward pressure on the cost of imported goods for households and businesses, but the benefits that will flow from the creation of a more seamless trading environment are not well understood," he said.
The agreement also contains provisions to help stimulate new investment and as experience shows, when you deepen trading relations increased investment inevitably follows, he said.
Andrew Robb, with his counterparts from 11 other nations signed the Trans Pacific Partnership Agreement (TPP) deal in Auckland in New Zealand.
He said the agreement brings 'enormous promise across both traditional areas of trade and investment and so-called 21st century areas like e-commerce and increasingly important global value chains.
The minister expressed hope of securing a free trade agreement (FTA) with India 'sometimes this year', a local TV channel reported.
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According to a feasibility study conducted by both the countries jointly, the comprehensive FTA is likely to result in India gaining between 0.15 and 1.14 per cent of its GDP, while Australia would end up with the gains between 0.23 and 1.17 per cent of its GDP.
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India's foreign investment into Australia is worth USD 11 billion. While, Australia has invested only USD 649.37 million during April 2000 and January 2015 in India.
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"The tariff cuts will deliver material gains for our exporters across the board and place downward pressure on the cost of imported goods for households and businesses, but the benefits that will flow from the creation of a more seamless trading environment are not well understood," he said.
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The agreement also contains provisions to help stimulate new investment and as experience shows, when you deepen trading relations increased investment inevitably follows, he said.
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