Australia and India agree to draft new trade pact
SYDNEY, Australia: Australia and India agreed Thursday to draft an economic blueprint that will help expand their already burgeoning trade and investment links.
Australian Trade Minister Mark Vaile and Indian Commerce and Industry Minister Hon Kamal Nath agreed at a meeting in Sydney to start work on a trade and economic framework.
The framework would set the direction for the future of the economic relationship, Vaile said, adding that a key aim will be to improve cooperation and policy dialogue.
"We have a lot to offer each other. Australia has the resources, technology and the services to partner India's continued economic expansion,'' Vaile said in a statement.
"India stands to benefit from the facilitation of Australian investment, particularly in areas such as energy and resources, infrastructure development, food and agricultural processing and services,'' he said.
India has been Australia's fastest growing merchandise export market over the past five years and has overtaken Britain to become Australia's sixth largest export market.
Total trade of goods and services between Australia and India was worth 7.4 billion Australian dollars (US$5.6 billion; euro4.4 billion) in 2004, placing India 13th on the list of Australia's trading partners.
Australia is India's eighth largest overseas investor. - AP
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