Major Regional Trade Aggrements India-Russia There has been an MoU on Cooperation between the Ministry of Commerce &

Industry of the Republic of India and the Ministry of Economic Development & Trade of Russian Federation. It was signed during the visit of Mr. G.O. Gref, Minister of Economic Development & Trade of Russian Federation to India on 6.2.2006. The MoU provides for setting up of JSG between India-Russia. The objectives of the JSG are as under: Formulate a program by the end of 2006 to suggest steps for enhancing bilateral trade between India and Russia to a level of US$10 billion by 2010 Study the feasibility to consider the possibility of signing Comprehensive Economic Cooperation Agreement between India and the Government of the Russian Federation.

Progress Three meetings of the JSG have taken place till date otherwise there has been no significant progress. The report of the JSG would analyze the prospects for Trade in Goods, Services and Investment Cooperation between India and Russia. There have been undergoing efforts to finalize the report. The new director-general of the multilateral trade body has got a shot in the arm as New Delhi has recently said it was "in favour" of a trade facilitation agreement (TFA). A TFA will include binding commitments by member countries to harmonise the documentation as well as customs clearance standards and procedures among member countries in what could ease cross-border trade and reduce costs by 5-15%.The importance of TFA can be gauged from the fact that while average world tariffs are 5% ad valorem, trade (customs) costs are 10%. The current world cross-border trade is $18 trillion.

India-Australia

A Joint Study Group (JSG) was constituted in April 2008 to, inter alia, examine the feasibility for establishing a Free Trade Agreement (FTA) between India and Australia. Based on the recommendations of the JSG, India-Australia are negotiating CECA covering trade in goods, services, investment and IPR related issues. The 1st round of IndiaAustralia CECA negotiations was held during 28th-29th July, 2011. Bilateral FTA negotiations are underway Australia and India as Bilateral trade between both countries in 2012 grew by over 30%. Russia has stated publicly that it supports India receiving a permanent seat on the United Nations Security Council. In addition, Russia has expressed interest in joining SAARC with observer status in which India is a founding member. On 12 May 2011 then Trade Minister Craig Emerson and Indian Minister for Commerce and Industry Anand Sharma formally launched negotiations to conclude a Comprehensive Economic Cooperation Agreement between Australia and India. Prime Minister Singh and then Prime Minister Gillard reaffirmed the importance of achieving a high quality agreement during then Prime Minister Gillard's 15-17 October visit to India. Australia looks for a comprehensive and truly liberalising agreement, consistent with the governments trade policy. Similar to the elements covered in Australias existing bilateral Free Trade Agreements, a Comprehensive Economic Cooperation Agreement would include coverage of investment and trade in goods and services. The Department is currently analysing public submissions on the Comprehensive Economic Cooperation Agreement negotiations. Key interests and benefits

A comprehensive agreement would assist in widening the base of merchandise trade by addressing tariff barriers and border restrictions on trade in goods. There is significant potential to expand trade in services between India and Australia. An FTA could facilitate growth in services trade by reducing barriers faced by Australian service suppliers and by increasing regulatory transparency. An FTA could facilitate and encourage investment by reducing barriers, increasing transparency and enhancing investment protections. Regional Comprehensive Economic Partnership (RCEP) negotiations were launched on 20 November 2012. RCEP is an ASEAN centred agreement which will initially include the ten ASEAN countries and the six countries with which ASEAN has separate free trade agreements (FTAs): Australia-New Zealand, India, Japan, China and Korea. RCEP will support improved Australian trade with a group of countries which accounts for almost half the worlds population and 60 per cent of Australian exports of agricultural, fisheries and forestry products. References 1. en.wikipedia.org/wiki/IndiaRussia relations 2. commerce.nic.in/india rta.htm 3. www.unescap.org/tid/projects/globalize wgmarc.pdf