Australia's Trade and Investment Minister Andrew Robb said Monday that the Australian Government is according the highest priority to concluding the Australia-India Free Trade Agreement (FTA) hopefully by this year itself, but admitted candidly that both governments still need to iron out "sticking points" before it finally becomes a reality.
Interacting with a select group of media persons here this afternoon on the sidelines of the three-day-long Australia Business Week in India (ABWI), Robb when probed to elaborate on the sticking points said, "There are significant sensitivities in the agricultural areas. We (Australia and India) need to find ways to solve and accommodate those sensitivities."
Robb, who has been in India since January 9, and is leading a 450-strong Australian business delegation to the ABWI and the Vibrant Gujarat Summit that is being held in Gandhinagar, Gujarat, confirmed that he had had a meeting with Prime Minister Narendra Modi on Saturday (January 10), and had come away from that significant meeting with a view that the latter is seeing all areas of possible cooperation between Australia and India both as a priority and an opportunity.
Robb said it was his view that there are a number of areas where Australia has helped India to benefit.
"There are issues across the spectrum. There a benefits that have already happened, for instance, in terms of Diaspora, IT and health, and, there are many other areas where we both can think of broadening the cooperation, as for instance, in mining, liquefied natural gas ( Australia will become the largest exporter of LNG in the next year, beating Qatar), solar technology, wind technology, dairy products, food processing, education and skills training, healthcare components, infrastructure and urban design, financing (PPP ventures), green building technologies, environment management and water management," the Australian Trade and Investment Minister said.
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"We both have to address the critical elements before we go full hog for an FTA. India needs to be more accessible in terms of business and investment. There are still a lot of barriers and restrictions, but having said that, I am also saying that I am satisfied about the fact that I am getting calls for Australian business to invest in India, which tells me, that we can expect preferential treatment. The key is to establish trust, build mutually and quickly. I am hopeful about coming back again and again," he added.
In overall terms, he said that he has got a sense of the Australia-India relationship being revitalized and added that it is quite visible.
"We need to facilitate business travel. We believe in a relationship based on trust and we want to do it with strong partners. The Indian student numbers in Australia are the second biggest in the world, Hindi is the fastest growing language, and immigration of Indians is the second fastest. In sum, there are a whole lot of fronts where there is cooperation and or potential for cooperation in a revitalized sort of way," said Robb.
Robb also said Australia can help India achieve energy security. In this context, he cited the recent project of Adani Mining in Queensland, which he stated would yield about 60 million tonnes of coal per annum.
He also mentioned that Australia could help India diversify its energy basket by providing access to fuels such as LNG.
In terms of areas of cooperation, pointed out that Australian banks and pension funds have over Australian dollars three trillion under management some of which could be invested in India.
He stated that the new Colombo Plan announced by his government would encourage more Australians to study in countries like India.
The ABWI involves activities across major Indian cities, including New Delhi, Mumbai, Kolkata and Chandigarh. It will promote Australia as a trade, investment, education and tourism destination with programs tailored to each targeted industry sector.
The programs reinforce the message that Australia is open for business and help Australian businesses identify and strengthen relationships with Indian businesses.
