Australia, which recently concluded FTAs with other Asian nations like Japan, Korea and China, is also expected to conclude the forthcoming deal with India by end of 2015.
The two nations first agreed to undertake a feasibility study in 2008, and since then they have had five rounds of talks regarding the India-Australia Comprehensive Economic Cooperation Agreement. With negotiators racing against the tight deadline set by the political leadership of the two countries, the next round of negotiations are expected to kick off in July.
India is the 10th largest trading partner of Australia with a two-way trade of $15 billion, which is about one-fifth of the India-China trade. “The free trade deal expected to be signed between India and Australia this year would be mutually beneficial and open up various sectors to further boost the current bilateral trade of $15 billion,” Australian Trade Minister Andrew Robb said. The free trade agreement would give Australians access to India's 1.3 billion strong consumer market – with an estimated half-billion members of its burgeoning middle class.
You can read about the cooperation between India and Australia on the Times of India.