India market snapshot
- GDP: US$1.870 trillion (2013)
- GDP per capita: $1,504.5 (2013)
- GDP growth: 4.4 per cent (2013)
- Population: 1,243.3 million (2013)
- Trade with Australia: AU$15.2 billion (2013)
About the Australia-India Comprehensive Economic Cooperation Agreement negotiations
Recent years have seen remarkable growth in the trading relationship between India and Australia, fuelled by the many complementarities between the two economies. Two-way trade in goods and services has grown in value from $6.8 billion in FY2003-04 to $14.8 billion in FY2013-14.
India is the world's largest democracy and is a market of 1.2 billion people. Its youthful population, diversified economy and growth trajectory present significant opportunity for Australian business, especially in the agriculture, energy, manufacturing, mining and services sectors.
Negotiations to conclude a Comprehensive Economic Cooperation Agreement between Australia and India were launched in May 2011. There have been six rounds of negotiations, the most recent of which was held in December 2014.
During official visits to India and Australia in September and November 2014 respectively, Prime Minister Tony Abbott and Prime Minister Shri Narendra Modi renewed both countries' commitment for an early conclusion of an equitable, balanced, comprehensive and high quality agreement.
The Department is seeking public submissions on the Comprehensive Economic Cooperation Agreement negotiations.
Key interests and benefits
- A comprehensive agreement would assist in broadening the base of merchandise trade by addressing tariff barriers and behind the border restrictions on trade in goods.
- There is significant potential to expand trade in services between India and Australia. An FTA could facilitate growth in services trade by reducing barriers faced by Australian service suppliers and by increasing regulatory transparency.
- An FTA could facilitate and encourage investment by reducing barriers, increasing transparency and enhancing investment protections.
The Department of Foreign Affairs and Trade welcomes submissions from interested individuals and groups on the potential outcomes and impacts of a Comprehensive Economic Cooperation Agreement with India. Submissions need not be lengthy and may build on or refer to submissions made during the joint feasibility study on a bilateral free trade agreement.
In particular, information is sought on specific interests and issues in relation to Australia’s trade, investment and economic cooperation with India, including barriers to trade and investment faced by Australian goods and services exporters and investors in India.
Submissions will be made publicly available and posted on this website unless the author specifies otherwise.
Guidance on preparing submissions
Interested parties are encouraged to lodge their submissions. Submissions should be lodged through at least one of the following options:
- Email: firstname.lastname@example.org
Australia-India Comprehensive Economic Cooperation Agreement
Free Trade Agreement Division
Department of Foreign Affairs and Trade
RG Casey Building
John McEwen Crescent
Barton ACT 0221
Austrade has identified potential opportunities for Australian suppliers of goods and services in a number of sectors. Austrade's India country page supplies general information on doing business and on specific export opportunities. The Austrade website has a database that can be searched by industry.
Joint Feasibility Study
In April 2008, Australia and India began a joint feasibility study to examine the merits of a bilateral free trade agreement. The study, which includes an independent economic modelling component, examined the potential impact on Australia and India of a free trade agreement, including implications for economic growth, trade in goods and services, investment and other commercial linkages. The completed study is available below:
The study found that a comprehensive free trade agreement covering goods, services and investment between Australia and India could lead to a substantial increase in trade in goods, that there is further potential in trade in services and considerable scope for enhanced investment links.
The Department of Foreign Affairs and Trade would like to thank all those who contributed submissions to the Australia-India Free Trade Agreement Joint Feasibility Study.
More about India