Australia is eager to negotiate a comprehensive economic partnership (essentially a free trade agreement) to intensify and diversify the trade partnership with India, said Patrick Suckling, Australian High Commissioner. There is strong political commitment on this and four rounds of negotiations have been held, said Suckling, addressing the 23rd annual day of the Indo-Australian Chamber of Commerce in the city.
Goods tariffs have already been exchanged and services tariffs will be discussed soon, he said. A fifth round of negotiations will be held in May in Australia. Bilateral trade between the two countries stands at $22 billion and has the potential to double in a few years. Last year, India invested $11 billion in Australia. Indian exports to Australia doubled to $3 billion, in the last few years.

Source - http://www.thehindubusinessline.com