A prominent business leader says Australia's trade negotiators should fast-track their efforts to achieve a free trade agreement with India, which remains at the feasability study stage.

India yesterday signed a landmark deal with the ten member Association of South East Asian Nations, marking a turning point in its approach to trade liberalisation.

Neville Roache, Chairman Emeritus of the Australia-India Business Council says the ASEAN-India FTA is of global significance.

"The combined GDP of these two areas is well over two trillion dollars and I think the lesson for us in Australia is to really start taking it more seriously than we have and I just believe we've got to catch up," he said.

"The good news is that the Labor Government and Simon Crean in particular are moving things faster.

"You know we really shouldn't waste any more time."

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