India-Australia ties: In the latest development, India and Australia reaffirmed their resolve to wrap up talks to expand the existing Free Trade Agreement (FTA) by the end of the year with an aim to increase bilateral trade to USD 100 billion.
The topic was discussed during the joint ministerial commission meeting between commerce and industry minister Piyush Goyal and his Australian counterpart Don Farrell. Notably, Farrell is accompanying Australian Prime Minister Anthony Albanese who is on his maiden official visit to India.
Earlier on December 29, 2022, India and Australia adopted an Economic Cooperation and Trade Agreement (ECTA), and now negotiating to broaden the pact's scope for a Comprehensive Economic Cooperation Agreement (CECA).
"ECTA was the first stage of our economic engagement. We are now entering into phase-2 of our discussions where we are looking at a much wider ambit of subjects and taking this into a CECA," Goyal told the media in New Delhi.
Both nations looking to solidify ambitious CECA by 2023: Australian PM
After the first India-Australia summit talks here on March 10 on a range of key issues, Albanese has said that both sides are looking at firming up the ambitious CECA by 2023. Meanwhile, a joint statement mentioned that the two Prime Ministers tasked the concerned officials to expedite the conclusion of a Migration and Mobility Partnership Arrangement (MMPA) within the next three months.
On the deadline to conclude the CECA negotiations, Goyal said that though anything done with a deadline is always "dangerous" as "you may land up making mistakes", but "we" must do things fast.
According to him, both the trade ministers are committed to speeding up the negotiations.
India-Australia aim to close CECA negotiations this year
Both the Prime Ministers have "collectively tasked us to work towards closing the CECA negotiations within this calendar year. We would love to do that.
We would work to engage in the same spirit as ECTA and hope for quick outcomes without compromising on its quality," Goyal added.
He also said that "we are very very dissatisfied" with the USD 30-billion bilateral trade and the officials of India and Australia have kept a target of USD 45-50 billion in the next five years.
Both the ministers have expressed "unhappiness" towards the trade negotiators and said they "will be much more ambitious and aim for a USD 100-billion trade between the two economies", Goyal remarked.
ALSO READ: Australian PM Anthony Albanese accorded ceremonial welcome at Rashtrapati Bhavan | DETAILS
India-Australia relations
Foreign diplomatic relations between India and Australia are well-established, with both nations sharing a "Comprehensive Strategic Partnership" since both were part of the British Empire. Both nations have several commonalities, which serve as a foundation for closer cooperation and multifaceted interaction, on lines similar to what India has developed with other Western countries.
The relationship has grown in strength and importance since India’s economic reforms in the nineties and has made rapid strides in all areas - trade, energy and mining, science & technology, information technology, education and defence. Notably, India and Australia have commercial ties dating back to the 18th century, when India played a central role in nourishing the young colony and trade with Australia came to be an important element in the operations of the East India Company in Bengal.
(With inputs from PTI)
