India, Australia likely to sign trade pact by year-end

The free trade agreement between India and Australia is likely to be signed by the end of the year, Australian High Commissioner Patrick Suckling said on Thursday.

"We are hopeful that the Comprehensive Economic Cooperation Agreement (CECA) between India and Australia will be signed by the end of 2015. Both the nations are halfway through the negotiations," Suckling said at an interaction organised by the Calcutta Chamber of Commerce.

He said that the agreement would cover goods, services, investment and a host of other items.

"We will like the agreement to cover everything. Once the deal was inked, then it will give a great boost to trade relation between the two countries," Suckling said adding that 75 percent of Australian exports to India consisted of copper and gold.

The talks for a Comprehensive Economic Cooperation Agreement (CECA) also known as free trade agreement (FTA) between India and Australia were started in 2011.

Stating that bilateral ties between the two countries reached a great level after the visit of Indian Prime Minister Narendra Modi last year, he said that both the countries had negotiated on a number of issues like civil-nuclear deal, security framework, social security among others.

Suckling said Australia was important for India's long-term energy security as well.

The diplomat said that Australian pension fund managers were keenly looking to invest in bankable projects and Modi had talked to a number of them during his visit.

Suckling also said that he was encouraging a number of Australian companies to come to India.