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India looking at FTA with Australia
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Mr Gallop said Western Australia was keen to co-operate with India in the field of oil and natural gas.
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New Delhi
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Oct. 5
FOLLOWING the recent pact with Singapore, New Delhi is exploring the possibility of a similar Comprehensive Economic Co-operation Agreement with Australia, of which a free trade agreement (FTA) would be a component.
The Union Commerce and Industry Minister, Mr Kamal Nath, indicated this during a discussion with the visiting Deputy Premier of Western Australia, Dr Geoff Gallop, here on Wednesday.
Stating that such a pact would encompass trade in goods and services as well as investment, Mr Kamal Nath said he would discuss the issue with Mr Mark Vaille, Deputy Prime Minister and Minister of Foreign Trade of Australia, on the sidelines of a WTO meeting in Geneva next week.
Hydrocarbon ties: Both sides acknowledged that complementarities between the two economies would enable closer economic co-operation especially with Western Australia, which accounts for over 40 per cent of Australia's total exports.
Mr Gallop said Western Australia was keen to co-operate with India in the field of oil and natural gas and said closer relationships in this sector could facilitate the development of "integrated supply of gas all over India which could transform the economy."
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