With the interim trade deal between India and Australia set to come into force on 28 December, the two countries are aiming to complete negotiations for the Comprehensive Economic Cooperation Agreement (CECA) agreement by September next year.
The free trade agreement between India and Australia will come into force from December 29 giving duty free access to thousands of domestic goods in that market, which will help in almost doubling the bilateral commerce to $45-50 billion in around five years.
Australia is eyeing a pact on digital services as part of the Comprehensive Economic Partnership Agreement with India as the two countries aim to upgrade the bilateral relationship.
Australia’s Parliament has passed bilateral free trade agreements with India and Britain, leaving those partner nations to bring the deals into force.
The free trade agreement that was signed by India and Australia earlier this year is expected to be implemented soon, an official statement released by the commerce and industry ministry said.
Indian and Australian negotiators have met for talks toward a full-fledged free trade agreement even as a mini-pact remains unratified by the Australian parliament.
Australia and India will sign a temporary free trade agreement on Saturday, removing an 85% tariff on exports of Australian goods to India.
With the India-Australia Free Trade Agreement close to being implemented, a
100-member business delegation will visit India later this month to scout for fresh
India Australia leadership dialogue is taking place as India Australia relations have shifted gears and moved into a higher orbit.
The UK government should ensure any free trade agreement with agriculture giant India does not allow pesticide-tainted food to be exported to the UK, activists have said.
Australia will likely ratify before November 18 an interim trade deal with India, which was signed on April 2 but is yet to come into force due to a delay in endorsement by its Parliament following the election of a new labour govenrment there.
Negotiations between India and Australia towards a comprehensive trade agreement are expected to begin from September, with focus on chapters such as digital trade, government procurement, among other areas, said people in the know.
The India-Australia interim free trade agreement, which should have come into effect by mid-June, still awaits ratification following regime change in Canberra.
The European Union wants to accelerate efforts to finalise trade agreements with third parties after a six-month pause, as the bloc adapts to the Ukraine war and other challenges, EU trade commissioner said.
India has made a big leap in terms of the design, especially by including a negative list approach for scheduling commitments and by binding MFN treatment.
US President Joe Biden has announced a new economic framework deal for Asia-Pacific designed to boost investment in clean energy infrastructure, drive decarbonisation efforts and strengthen regional supply chains.
A group of European Union countries are pushing to kick start negotiations on stalled free-trade agreements as Russia’s war with Ukraine threatens the bloc’s economic and security interests.
Some of the products India has kept in the exclusion category without offering any concession to Australia in the Free Trade Agreement include milk and other dairy products, walnut, chickpeas, pistachio nut, wheat, rice, most medical devices, etc.