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India, Australia direct officials to accelerate talks for trade pact
31 Aug '21
2 min read
Pic: Shutterstock
India and Australia are planning to sign an early harvest announcement by this December to enhance trade ties, according to a joint statement released recently. This was agreed upon in a meeting between Indian commerce and industry minister Piyush Goyal and his Australian counterpart Dan Tehan. The two have directed officials to speed up the negotiations.
They discussed the way forward for an early conclusion of a bilateral Comprehensive Economic Cooperation Agreement (CECA).
"In this regard, the ministers directed officials to speed up the negotiations and to meet as often as required to achieve an early harvest announcement by December 2021 on an interim agreement to liberalise and deepen bilateral trade in goods and services, and pave the way for a comprehensive agreement," the statement said.
They also decided to start consultations on the potential opportunities and impacts of an interim agreement as a pathway to a full CECA.
"The ministers look forward to a balanced trade agreement that encourages expanded trade and investment flows to the benefit of both of our economies and people, and that reflects their shared commitment to the rules-based international trading system," it added.
The bilateral trade between the countries stood at $12.3 billion in 2020-21 compared to $12.64 billion in 2019-20.
Under an early harvest pact, two trading partners reduce or eliminate customs duties on a limited number of goods traded between them, while in a CECA, the reduction and elimination happen on a maximum number of items.
They discussed the way forward for an early conclusion of a bilateral Comprehensive Economic Cooperation Agreement (CECA).
"In this regard, the ministers directed officials to speed up the negotiations and to meet as often as required to achieve an early harvest announcement by December 2021 on an interim agreement to liberalise and deepen bilateral trade in goods and services, and pave the way for a comprehensive agreement," the statement said.
They also decided to start consultations on the potential opportunities and impacts of an interim agreement as a pathway to a full CECA.
"The ministers look forward to a balanced trade agreement that encourages expanded trade and investment flows to the benefit of both of our economies and people, and that reflects their shared commitment to the rules-based international trading system," it added.
The bilateral trade between the countries stood at $12.3 billion in 2020-21 compared to $12.64 billion in 2019-20.
Under an early harvest pact, two trading partners reduce or eliminate customs duties on a limited number of goods traded between them, while in a CECA, the reduction and elimination happen on a maximum number of items.
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