Australia’s Minister for Trade, Tourism and Investment Dan Tehan will travel to India today to advance negotiations on a free trade agreement (FTA). He will meet commerce and industry minister Piyush Goyal during his visit.
The two sides have agreed to conclude a long-pending FTA called a comprehensive economic cooperation agreement (CECA) by the end of 2022.
“Goyal and I have been in regular contact over the Christmas/New Year period because we are both committed to concluding an interim free trade agreement,” Tehan was quoted in an official statement released by Canberra.
As per the statement, CECA is a “potential game-changer” in opening opportunities for both Australia and India and also an important piece of post-Covid economic recovery.
In FY21, India's exports to Australia- comprising refined petroleum, medicaments, railway vehicles including hovertrains, pearls and gems, jewellery, and made-up textile articles- were $4.04 billion, while imports were $8.24 billion. Imports included coal, copper ores and concentrates, gold, vegetables, wool, fruits and nuts and lentils.
“A free trade agreement with India would be a boon for Australian businesses, farmers and workers, creating new jobs and opportunities with one of the world's largest and fastest developing economies,” Tehan said.
Source : economictimes.indiatimes.com