India, Australia review progress of talks on proposed free trade agreement
The commerce ministry has said that India and Australia have reviewed the progress of talks on the proposed free trade agreement between the two countries. The two countries had implemented an interim trade pact in December 2022 and now they are negotiating to widen the scope of the pact for a Comprehensive Economic Cooperation Agreement (CECA).
The ministry said the three-day stocktake visit for the India-Australia CECA concluded in New Delhi on December 6, 2024. The stocktake discussions covered several critical areas of the agreement, including trade in goods, services, mobility, agri-tech cooperation, and more. Both sides emphasized their shared commitment to ensuring that the CECA delivers meaningful benefits and a balanced outcome for both countries. The discussions also centered on market access modalities that align with India’s food security objectives.
It said both parties evaluated the progress made so far and outlined a path forward for the early conclusion of the CECA. Both delegations expressed optimism about the future of the CECA and the broader India-Australia economic partnership. The discussions have paved the way for further collaboration, particularly in areas such as agricultural innovation, market access, and supply chain resilience.
India and Australia are also key partners in regional and global initiatives such as the Indo-Pacific Economic Framework for Prosperity (IPEF) and the Trilateral Supply Chain Resilience Initiative (SCRI). These frameworks are designed to enhance regional cooperation and strengthen the resilience of supply chains in the Indo-Pacific region.
