New Delhi, May 5 (IANS): Indian Commerce Minister Anand Sharma and Australian Trade Minister Simon Crean Tuesday reaffirmed their commitment to working for the successful completion of the Doha Round of talks on freer world trade and said the two countries will continue to explore opportunities for strengthening economic ties.

"India is a huge market with huge growth potential. A different range of opportunities exist here. We want to engage actively with India to explore these opportunities. I just see the bilateral trade between India and Australia going up and economic ties strengthening in the future," Crean said at a news conference after the 12th meeting of the India-Australia Joint Ministerial Commission (JMC) here.

The ministers also released a report of the India-Australia Free Trade Agreement (FTA) Joint Feasibility Study Group, which was set up in 2008 to explore possibilities of an FTA between the two countries.

The group has recommended that both the countries should undertake further internal processes before negotiations for a comprehensive bilateral FTA could be launched.

"Now we have come out with the feasibility study. There will be inter-departmental consultations in both the countries and after that only a formal mandate for launch of negotiations will come," Sharma said.

Talking about the negotiations for freer world trade, the ministers said both sides are taking "joint initiatives for the negotiations in Doha round and looking forward to its successful completion".

The ministers also reviewed mining and infrastructure, agri-business, clean energy, education and training, tourism and water management as potential areas of cooperation between India and Australia.

The two countries will also expedite constitution of the India-Australia CEOs Forum whose first meeting will be hosted by Australia.

"The forum will be co-chaired by business leaders of the countries. It will help maintain greater contact between Australian and Indian business leaders," Sharma said.