New Delhi: Trade and Industry of the Minister of Piyush faltered and his partner Australia and Tehan have held talks on December 21 to accelerate talks on the proposed free trade agreement, which aims to increase economic bonds between countries.
“The ministers appreciate the progress made in various rounds of talks between the main negotiators of both parties and discuss the way forward for the initial conclusion of the temporary agreement,” the Ministry of Trade said in a statement on Thursday.
Both parties also directed officials to accelerate negotiations to pave the way for a comprehensive agreement, which was officially dubbed as a comprehensive economic cooperation agreement (CECA).
“The ministers agreed that they were looking forward to a balanced trade agreement that benefited the economy and its people, and who reflected their shared commitment to the international trade system based on the rules,” he added.
India and Australia have agreed to conclude a long-delayed free trade agreement, officially dubbed the CECA, at the end of 2022, and the trade agreement for the early harvest at the end of this year.
In the initial harvest or temporary agreement, two trading partners significantly reduce or eliminate customs for certain specific goods.
These tasks are removed in the maximum amount of goods traded between them in free trade agreements or CECA.
They also liberalize the norms to increase trade trading and increase investment in CECA.
The two countries launched negotiations for CECA in May 2011, but negotiations were suspended in 2015, due to certain disagreements for certain problems such as market access to agricultural and milk products, and visa liberalization for professionals.
In 2020-21, Indian exports to Australia were $ 4.04 billion, while imports were $ 8.24 billion.
India mainly exported petroleum, medicines, train vehicles including hovertrain, pearls and gems, jewelry, and textile articles made.
While imports include coal, copper ore and concentrates, gold, vegetables, wool, fruits and nuts, lentils, and services related to education.