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India and Australia will push for a free trade pact, Indian Prime Minister Narendra Modi and Australian Prime Minister Tony Abbott said on Tuesday.
Modi during a state visit to Canberra also said he wanted early closure on a deal for Australia to sell uranium to India. Talks towards the civil nuclear cooperation agreement began about two years ago after Australia lifted a long-standing ban on selling uranium to India.
Addressing the Parliament, Abbott said, "By the end of the next year we will have a free trade deal with what is potentially the world's largest market."
"If all goes well, Australia will export uranium to India under suitable safeguards because cleaner energy is one of the most important contributions that Australia can make to wider world," he added.
After the two leaders held talks, India and Australia signed five pacts on social security, transfer of sentenced prisoners, combating narcotics trade, tourism, and Arts and Culture.
Australia on Monday had finalised a landmark free trade deal with China more than ten years in the making, significantly expanding ties between the two countries.
Trade between Australia and India stands at around $15 billion a year, or just a tenth of that between Australia and China.
"We want to go further and that's why the next priority for Australia is a comprehensive economic partnership agreement with India," Abbott said. "If I may say so, this is a moment in time. This is the time to get this done."
Modi, in an address to Australia's parliament, pledged greater cooperation on regional security, issuing a veiled swipe at China over disputes with its neighbours over islands in the South China Sea.
"Our region has seen huge progress on the foundation of peace and stability but we can not take this for granted," Modi said.
"Even when they have bitter disputes, we should maintain maritime security. We should work together on the seas and collaborate in international forums and we should work for universal respect for international law and global norms," he said.
Modi on Monday addressed thousands of expatriate Indians at a packed 21,000-seat arena in Sydney that just last week hosted the Rolling Stones, underscoring the rock-star status he enjoys among some Indians at home and abroad.
Modi, who arrived on Friday for the G20 economic summit in Australia, where about 300,000 Indians live, urged Indians to boost investment at home.
While talking about India-Australia ties, Modi said, "This is a natural partnership, arising from our shared values and interests, and our strategic maritime locations. India and Australia have a great economic synergy. There are huge opportunities for partnership in every area we can think of -- agriculture, agro-processing, resources, energy, finance, infrastructure, education, and science and technology."
"We have agreed to speed up negotiations on the Comprehensive Economic Partnership Agreement. I also asked for easier access for Indian business to the Australian market and quicker investment approvals," Modi said at the joint press conference.
