New Delhi: Minister of Commerce and Industry Piyush Goyal and their Australian counterparts dan tahoe has been negotiated on 21st December to expedite the negotiations for the proposed free trade agreementThe aim of which is to enhance economic relations between countries. “The ministers appreciated the progress made in the various rounds of talks between the chief negotiators of the two sides and discussed the early conclusion of the interim agreement,” the commerce ministry said in a statement on Thursday.
The two sides also directed officials to expedite negotiations to pave the way for a comprehensive agreement, officially called the Comprehensive Economic Cooperation Agreement.Check,
“The ministers agreed that they look forward to a balanced trade agreement that benefits both economies and their peoples, and that reflects their shared commitment to a rules-based international trading system,” it added.
India and Australia have agreed to conclude a long-pending free trade agreement, officially known as CECA, by the end of 2022, and an early harvest trade deal by the end of this year.
In an early harvest or interim agreement, two trading partners significantly reduce or eliminate customs duties on a specified number of goods. These duties were removed in the Free Trade Agreement or CECA on the maximum number of goods traded between them. They liberalize norms to increase trade in services and promote investment in CECA.
The two countries began negotiations for CECA in May 2011, but negotiations were suspended in 2015 due to some disagreements over some issues such as market access for agricultural and dairy products and visa liberalization for professionals.
In 2020-21, India’s exports to Australia stood at $4.04 billion, while imports stood at $8.24 billion.
India mainly exports refined petroleum, medicines, railway vehicles including hovertrains, pearls and gems, jewellery, and manufactured textiles. While imports include coal, copper ores and concentrates, gold, vegetables, wool, fruits and nuts, pulses and services related to education.
The two sides also directed officials to expedite negotiations to pave the way for a comprehensive agreement, officially called the Comprehensive Economic Cooperation Agreement.Check,
“The ministers agreed that they look forward to a balanced trade agreement that benefits both economies and their peoples, and that reflects their shared commitment to a rules-based international trading system,” it added.
India and Australia have agreed to conclude a long-pending free trade agreement, officially known as CECA, by the end of 2022, and an early harvest trade deal by the end of this year.
In an early harvest or interim agreement, two trading partners significantly reduce or eliminate customs duties on a specified number of goods. These duties were removed in the Free Trade Agreement or CECA on the maximum number of goods traded between them. They liberalize norms to increase trade in services and promote investment in CECA.
The two countries began negotiations for CECA in May 2011, but negotiations were suspended in 2015 due to some disagreements over some issues such as market access for agricultural and dairy products and visa liberalization for professionals.
In 2020-21, India’s exports to Australia stood at $4.04 billion, while imports stood at $8.24 billion.
India mainly exports refined petroleum, medicines, railway vehicles including hovertrains, pearls and gems, jewellery, and manufactured textiles. While imports include coal, copper ores and concentrates, gold, vegetables, wool, fruits and nuts, pulses and services related to education.
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