According to the ministry of commerce and industry, India and Australia plan to strengthen their bilateral economic ties through the implementation of the Economic Cooperation and Trade Agreement (ECTA), discussions for the India-Australia Comprehensive Economic Cooperation Agreement (CECA), and increased two-way investment.
Piyush Goyal, the minister of commerce and industry for India, and Senator Don Farrell, the minister for trade and tourism for Australia, recently met at the 18th India-Australia Joint Ministerial Commission to discuss how to advance the two countries’ economic ties. The G20, the Indo-Pacific Economic Framework (IPEF), and the World Trade Organization were other topics of discussion by the ministers (WTO).
The ministers are happy with the progress made in resolving different bilateral issues and look forward to finishing CECA as soon as possible. technical market access problems and look forward to ongoing dialogue, according to a news release from the commerce ministry.
The representatives of both nations also stated that Prime Ministers Narendra Modi and Anthony Albanese look forward to rapid negotiation progress and a prompt conclusion of an ambitious CECA that will build on the framework established by the ECTA and include new trade, investment, and cooperation areas. The CECA will increase living standards, generate new employment opportunities, and enhance overall wellbeing in both nations.
Australia continues to strongly support India’s G20 chairmanship, according to Minister Farrell. Ministers concurred that the G20 must guide the world towards a path towards strong, sustainable, and inclusive growth, including sped up progress towards the SDGs.
Canada and India and the IPEF have agreed to keep collaborating on issues of shared interest, such as a clean economy and robust supply chains. Also, they reiterated the value of the multilateral trading system, which is centred on the WTO, and made a commitment to enhancing its operations and establishing a fully operational dispute resolution mechanism by 2024.
Last fiscal year, commerce between the two nations exceeded $31 billion, and both nations agreed that there was room for significant growth in bilateral trade over the following five years.
