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FTA, investments to figure in Prabhu's visit to Australia

Press Trust of India  |  New Delhi 

The long pending free trade agreement with and ways to promote investments will figure prominently during the visit of Commerce and to on June 26.

"We will be discussing in detail the proposed free trade agreement during this visit," Prabhu told

The negotiation for the pact, officially dubbed as Comprehensive Economic Cooperation Agreement (CECA) between and Australia, was started in 2011 to provide fillip to both trade and investments between the countries.

Several rounds of negotiations have been completed for liberalising trade and services regime besides removing non-tariff barriers and encouraging investments.

But, both the sides have yet to resolve issues pertaining to goods (sectors such as agriculture, wines and dairy) and services (easing visa norms for movement of professionals).

has stated that agriculture is a sensitive sector for the country and it has to protect its small farmers.

"I am going in June for trade talks and for the forum meeting," he said.

Prabhu said that can consider investing in like cold storage and as "this will be a win win for both the sides".

This meeting assumes significance as is a member in the mega trade deal - (RCEP). The talk for this deal too is stretching as the 16-member bloc have yet to iron out differences on several issues.

In a free trade agreement, two or more trading partners significantly cut or eliminate customs duties on most of the goods traded between them. Besides, the countries liberalise norms to promote investments and services trade as well.

The bilateral trade between and Australia increased to USD 18 billion in 2016-17 from USD 14.11 billion in the previous fiscal. Trade balance is highly in favour of Australia.

Further, talking about his US visit next week, Prabhu said that he would be meeting US and US (USTR)

The will also hold discussions with dairy and medical equipment of the US as they have raised concerns about certain domestic policies in the sector.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, June 10 2018. 12:05 IST
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