India, Australia Review Progress On Trade And Investment Negotiations

India, Australia Review Progress On Trade And Investment Negotiations

India and Australia recently assessed progress on their trade and investment negotiations, focusing on the Comprehensive Economic Cooperation Agreement (CECA). Both countries held talks under the direction of Australia’s Department of Foreign Affairs and Trade (DFAT) Deputy Secretary George Mina and India’s Commerce Secretary Sunil Barthwal. They placed a strong emphasis on leveraging trade complementarities, expanding trade, and discovering untapped opportunities.

The India-Australia Economic Co-operation and Trade Agreement (Ind-Aus ECTA) Joint Committee Meeting (JCM) covered several implementation-related topics, such as market access, organic products, and price restrictions for pharmaceuticals. Along with identifying areas of shared interest like coastal tourism and essential minerals, they also talked about regulatory problems facing the wine and whisky industries.

In pursuit of a fair resolution, Additional Secretary Rajesh Aggarwal and Assistant Secretary Ravi Kewalram examined CECA’s progress at the chief negotiators’ level. Merchandise trade between the two nations reached approximately 24 billion USD in 2023–24, indicating further growth opportunities.

The JCM emphasised the value of bilateral economic integration by emphasising collaboration in areas outside the purview of conventional Free Trade Agreements (FTAs). WTO and service concerns were also discussed, highlighting the resolve to fortify economic connections and tackle problems together.