The Free Trade Agreement (FTA) between India and Australia may be coming through as early as next year with the Australian Trade Minister Simon Crean and India's Commerce and Industry Minister Kamal Nath on Tuesday, agreeing that the feasibility study of the FTA would be presented to the Government by this year end.

Crean said that Australia welcomes the momentum that is established and the FTA feasibility study is committed to adopting a bold and ambitious approach to the whole study. Kamal Nath feels that the free trade agreement with atleast 90% coverage would be signed by next year.

Australia wants to make sure that it is well positioned to make some good profits on the potential of this bilateral relationship, particularly in the resources and energy sectors. It also wants to supplement its competence in services, manufacturing, biotechnology, and agricultural sectors as well.

Australia's uranium sales however would depend on India validating a nuclear co-operation agreement with the US, which would include safeguards for civilian nuclear reactors as well. During the annual Joint Ministerial Commission (JMC), Crean discussed Australia's market access with Nath as well as the concerns about India's export of sugar, reiterating on the fact that Australia wants to end the subsidies once and for all.

Both India and Australia however, reaffirmed that their common commitment is to bring about a successful conclusion to the Doha Round of World Trade Organization talks this year. The two countries are partners in the East Asia Summit and Australia supports India's membership of Asia Pacific Economic Cooperation (APEC) when the moratorium expires.

This is the third time Crean and Nath have met since the Kevin Rudd-led Labour government came to power last December. The discussions Tuesday spanned broad cooperation in multilateral, regional economic forums and bilateral trade ties. Nath is leading a delegation of over 50 senior Indian business executives and trade officials along with government officials.