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- India and Australia have announced reaching an understanding on the Interim Trade agreement and finalizing it in the next 30 days.
- The India-Australia Comprehensive Economic Cooperation Agreement (CECA) is expected to be concluded in 12 months thereafter.
- The announcement was made by Union Minister of Commerce and Industry Piyush Goyal and Australian Minister for Trade, Tourism and Investment, Dan Tehan during a joint press conference in New Delhi, after the conclusion of three-day talks.
- The two nations are expected to sign the Interim Agreement in March this year and the areas covered under it should include goods, services, rules of origin, sanitary and phytosanitary measures, Customs procedure, and Legal and Institutional issues.
- Mr. Piyush Goyal said that he had very fruitful discussions with his Australian counterpart and significant progress has been made in advancing the Free Trade Agreement between the two countries. He said, India and Australia were natural partners and complemented each other in a variety of ways.
- The Minister said that discussions between the two nations took place with openness, concern and sensitivity for the issues on both sides. Mr. Goyal also said that the CECA would be a substantial opportunity for both of economies and a significant moment in the India-Australia bilateral relationship.
- In a statement, Ministry of Commerce and Industry said, both the ministers agreed on the need for a balanced trade agreement that encourages expanded trade and investment flows to the benefit of both of the economies. They also agreed to expeditiously resolve tax-related issues faced by Indian software firms in Australia.
Published date : 12 Feb 2022 03:34PM
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