India and Australia Have Solidified a Commitment to Further Strengthen Their Bilateral Trade Relations

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India and Australia recognise the immense import of their trading relations, with bilateral trade surpassing a staggering $31 billion in the previous financial year.

To develop and fortify the mutual economic partnership between India and Australia, Commerce Minister Piyush Goyal and Australia’s Trade Minister Don Farrell came together to discuss potential next steps.

They deliberated on implementing the Economic Cooperation and Trade Agreement (ECTA), debated negotiations for a Comprehensive Economic Cooperation Agreement (CECA) between India and Australia, and furthered two-way investment. 

The ministers determined that a substantial increase in bilateral commerce is highly attainable within the next five years due to their countries’ mutual trade benefits.

The ministers further delved into involvement in the G20, Indo-Pacific Economic Framework (IPEF), and World Trade Organisation (WTO).

Australia and India expressed their strong ambition for the IPEF at a particular round of negotiations in New Delhi, saying that they would collaborate via the framework on issues such as green economies and secure supply chains.

“This transformational deal will realise the full potential of the bilateral economic relationship, creating new employment opportunities and raising living standards for the people of both Australia and India,” Australian Prime Minister Anthony Albanese said. 

Goyal and Farrell highlighted that Prime Minister Narendra Modi and Australian counterpart Anthony Albanese are eager to swiftly move forward in discussions for an ambitious CECA to build upon the cornerstone created by the ECTA, such as new manners of trade, investment, and cooperation.

The ministers eagerly anticipate the speedy conclusion of CECA and are delighted with the progress achieved in resolving various bilateral technical market access issues, looking forward to further dialogue.

Australia and India’s ministers acknowledged the collaborative nature of their economies, pledging to deepen economic, technological, trade-related, and investment collaboration to reach net zero emissions. Goyal and Farrell also expressed their commitment to a robust multilateral trading system supervised by the WTO.

Reaffirming their promises of success from the 12th WTO Ministerial Conference in Geneva, they vowed to bolster WTO functions and have a fully functional dispute settlement system by 2024. They also pledged to have an effective alliance as we approach the 13th WTO Ministerial Conference scheduled for Abu Dhabi in 2024.

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