Expressing its readiness to walk with India to drive its economic growth and meet "strategic challenges", Australia today said it wants mutually beneficial Free Trade Agreement to boost bilateral trade ties and also help India with uranium supplies for its energy needs.
Describing India as a "significant player and world leader", visiting Australian Foreign Minister Julia Bishop said the two countries should work together with other nations of the Indo-Pacific region to ensure peace, stability and economic growth and also engage with China in this regard.
Addressing the inaugural session of 'Indo-Pacific Oration', she made a strong pitch for early conclusion of the Australia-India Comprehensive Economic Cooperation agreement saying, "A commercially meaningful agreement will help propel both of our economies forward and enable our people to realise their full potential."
She pointed out that Australia has FTAs with South Africa, Japan and China and is now looking forward to an FTA with India to complete the quartet.
Australia's trade in goods and services with India was USD 12.12 billion in 2013-14 with Indian exports of goods amounting to USD 2.30 billion. Australia's exports of goods to India were USD 9.82 billion, as per official data.
Launched in 2011, India and Australia have held several rounds of talks for an economic pact.
She also welcomed India's recent move to liberalise its foreign investment caps in some sectors, such as insurance.
Noting that India needs secure sources of energy, Bishop said, "Australia can go some way to help provide that security. That's why we signed a Nuclear Cooperation Agreement last September and are negotiating administrative arrangements so we can supply uranium to India."
The nuclear pact under which Canberra will supply uranium was signed after a meeting between Prime Minister Narendra Modi and his Australian counterpart Tony Abbott here.
