TEF with Australia include textiles/clothing, footwear & agriculture
07 Mar '06
3 min read
The Trade and Economic Framework between India and Australia being signed today would open up new growth avenues for trade and economic cooperation between the two countries, Shri Kamal Nath, Union Minister of Commerce & Industry, said here today while addressing the Australia-India Business Forum Meeting with the Prime Minister of Australia, Mr. John Howard.
The Agreement is to be signed by the Commerce Secretary, Shri S.N. Menon along with the Australian High Commissioner, Mr John McCarthy.
In order to forge closer bilateral trade and economic ties, the last meeting of the India-Australia Joint Ministerial Commission in May 2005 mandated the conclusion of an India-Australia Trade and Economic Framework (TEF).
The initiative would support further expansion of bilateral economic and commercial ties and would facilitate future development of relationship on a balanced and comprehensive basis.
The key sectors getting focussed in the TEF include energy & mining, infrastructure development & financing, ICT, education, tourism and film & entertainment, bio-technology apart from traditional areas of textiles/clothing, footwear and agriculture. Initiatives under the TEF would assist private sector business of both countries to identify commercial opportunities under these areas.
“Our Prime Minister, Dr. Manmohan Singh has mentioned several times that he foresees the rise of a major free trade area in Asia covering all major Asian economies, including China, Japan and South Korea and possibly extending to Australia and New Zealand. This Pan-Asian Free Trade Area could be the third pole of the world economy after the European Union and North Atlantic Free Trade Area.”
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