Melbourne (PTI): Welcoming the booming bilateral trade ties, India and Australia on Tuesday agreed to finalise a report on their joint FTA feasibility study by the end of this year.

Australian Minister for Trade Simon Crean met Indian Minister for Commerce and Industry Kamal Nath here for annual bilateral trade discussions.

"Australia has an historic opportunity to build a stronger relationship with this emerging power in our region," Crean said, according to official statement.

"While India is already Australia's sixth largest merchandise export market and eighth largest services market there is potential to do much more together," Crean said.

Stating that the economies of the two countries had "striking economic complementarities" making them "natural trade and investment partners", he said: "I am committed to taking the bilateral relationship with India to a higher level."

It is the third time Crean has met Nath, including in India during one of his first overseas visits in government.

On the issue of a Free Trade Agreement, the Australian Minister said: "We also welcomed the good momentum established in the joint FTA feasibility study and committed to adopting a bold and ambitious approach to the study".

The two ministers agreed the report of the study should be presented to Government by the end of 2008.

Besides, the statement said that the discussions covered broad cooperation in multilateral, regional economic fora and bilateral trade ties between the two nations.

"We reaffirmed our common commitment to a successful conclusion to the Doha Round this year and our willingness to contribute to efforts to bring that about," Crean said.