According to a joint statement released on Sunday, India and Australia have decided to wrap up the discussions for a comprehensive free trade agreement “as soon as feasible” since there is a great deal of room to grow bilateral trade over the next five years. The declaration was made public during the March 11 meeting between Australia’s Minister for Trade and Tourism Don Farrell and Commerce and Industry Minister Piyush Goyal.
Negotiations are currently taking place to expand the scope of the economic cooperation and trade agreement (ECTA), which both nations previously put into effect in December 2022. (CECA). Ministers hope to wrap up CECA as soon as feasible, according to the statement.
The CECA will boost living standards, produce new employment opportunities, and enhance the general well-being of both nations, it continued. The ministers also emphasised the significance of a swift and orderly transition to sustainable energy as both nations strive to meet their individual net zero objectives.
“During the past fiscal year, bilateral trade between India and Australia surpassed USD 31 billion. Both parties agreed that there is tremendous potential for significantly increasing bilateral commerce during the next five years given the trade complementarities between the two nations “The declaration said.