Sunday, March 26, 2023

India, Australia agree for early conclusion of talks to extend trade deal; Eyes on $100 billion business in 5 years – Usky News

New Delhi: India and Australia India on Saturday expressed its commitment to the conclusion of negotiations to expand the scope of the existing free trade agreement by the end of this year with the aim of increasing bilateral trade to USD 100 billion. The issue came up for discussion during the Joint Ministerial Commission meeting between Commerce and Industry Minister Piyush Goyal and his Australian counterpart Don Farrell,
Farrell is being accompanied by Prime Minister of Australia Anthony Albanese who is here on an official visit.
On December 29 last year, India and Australia entered into force an Economic Cooperation and Trade Agreement (ECTA) and are now in talks to expand its scope to a Comprehensive Economic Cooperation Agreement (ECTA).CECA,
Goyal told reporters here, “ECTA was the first phase of our economic engagement.
Following the first India-Australia summit here on March 10 on a range of key issues, Albanese has said both sides are looking to strengthen the ambitious CECA by 2023, while a joint statement noted that the two prime ministers has entrusted this work to the concerned authorities. Expediting the conclusion of a Migration and Mobility Partnership Arrangement (MMPA) within the next three months.
On the deadline for concluding the CECA talks, Goyal said though anything done with a deadline is always “dangerous” as “you can make mistakes”, but “we should do things fast”.
He said that both the trade ministers are determined to speed up the talks.
The two Prime Ministers have collectively tasked us to work towards concluding the CECA negotiations within this calendar year. ” He added.
He also said that we are very dissatisfied with the $30 billion bilateral trade and the officials of India and Australia have set a target of $45-50 billion in the next five years.
He said the two ministers expressed “unhappiness” with trade negotiators and said they would “be more ambitious and aim for $100 billion in trade between the two economies.”
Farrell said both countries can achieve this goal.


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