India, Australia aims $40 billion trade in 5 years

Thursday, 12 May 2011, 22:50 IST
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Canberra : India and Australia today announced the launch of formal negotiations for comprehensive market opening pact and agreed to double bilateral trade to $40 billion in the next five years. "It was agreed that the first meeting for this purpose (starting of negotiations for comprehensive economic cooperation agreement) would be scheduled by June or July," India's Commerce and Industry Minister Anand Sharma told reporters here in a joint press conference with Australian Trade Minister Craig Emerson. The first round of talks will be held in New Delhi, he said. Sharma also that both the countries has agreed to double their bilateral trade from USD 20 billion at present to $40 billion during the next five years. He said free trade agreement is important to enhance economic integration to enable trade and investments to flourish.
Source: PTI