Dan Tehan, Australia’s minister for trade, tourism, and investment, visited India and met with India’s Commerce and Industry Minister, Piyush Goyal.
They jointly released the statement quoting that India & Australia will solve the Comprehensive Economic Cooperation Agreement obligations and conclude it by 2022 end.
India and Australia agreed to sign an MoU on Comprehensive Economic Cooperation Agreement (CECA) by the end of 2022, and an interim agreement would precede it before Christmas 2021.
This comprehensive partnership will cover trade in goods and services and a pact on investments as well.
Both sides will exchange agreements on the proposed deal by the October end. The Australian minister for trade, tourism and investment Dan Tehan visited India this week.
He said while addressing the media and commerce and industry minister Piyush Goyal after the 17th meeting of the India-Australia Joint Ministerial Commission.
Austalia & India agreed to make sure that they will sign a Free Trade Agreement between India and Australia by the end of 2022.
Both countries will begin the discussion on govt procurement, energy and resources, logistics and transport, standards and rules of origin.
Both parties have agreed to exchange offers by the end of October,” Tehan added.
A joint statement of Goyal and Tehan had formally launched the resumption of negotiations on the India-Australia CECA.
Piyush Goyal said that Prime ministers of both countries expect to meet in the US and laid out a broad roadmap for taking the India and Australia trade and economic affairs partnership to a different level and escalate it to a comprehensive economic trade partnership.
Both Parties have set out some ambitious timelines and targets to meet.
They agree that both countries will take immediate steps towards crucial outcomes to expand the India-Australia trading relationship.
Both parties will set up dedicated negotiating teams to meet the timelines, Tehan said.
According to the statements released by both ministers, it is clear that they discussed a wide range of issues during the meeting of the 17th India-Australia Joint Ministerial Commission.
It also includes the resolution of the tax-related problems faced by Indian software companies in Australia.
Both ministers also agreed to strive toward an ambitious and balanced outcome at the 12th World Trade Organization Ministerial Conference, held in Geneva, Switzerland, at the end of this year.
India’s imports to Australia amounted to $8.24 billion, while exports were $4.04 billion in FY21.
Major Australian exports to India include coal, LNG, alumina and non-monetary gold, While Indian export products of Australia are petroleum products, medicines, polished diamonds, gold jewellery, apparel etc.
Major Indian exports are precious in services, including travel, telecom and computer, government and financial services, while Australian services exports were principally in education and personal journey.
In 2020, India was the seventh-largest trading partner and sixth largest export destination, driven by coal and international education.
INDIA-AUSTRALIA ECONOMY & CULTURAL TIES
The strategic trust on display during AUSINDEX is the representation of a deep strategic alignment between these countries.
It showcases the shared outlook of both the nations as free, open and independent democracies, as champions of international law, as supporters of an open and inclusive Indo-Pacific and as firm believers that ‘might is not correct.
As it is supposed, India will be the largest country in the world in terms of population by 2027, so it will need to up-skill 400 million people.
Australia is well-equipped and ready to assist with this massive need for knowledge-sharing, education and skill development.
The two countries also have a lot of potentials to show off their soft power. India ranks as a source of immigrants to Australia and the second largest source for skilled professionals.
This should give sufficient information to build a public understanding and thereby improve public policy.
Both India and Australia are well suited in the most diverse & dynamic region on the planet. India and Australia are also aware & worried about China’s assault on maritime security and freedom of navigation in the Indo-Pacific region.
Both the nations can therefore come & serve together as the net security and peace providers in the area.
