India, Australia intensify trade talks

The decision was taken at a virtual meeting between Commerce and Industry Minister Piyush Goyal and his counterpart Dan Tehan on Tuesday, the statement said.

Goyal, who also holds the charge of the Ministries of Food and Consumer Affairs and Textiles, discussed the progress of negotiations for a bilateral Comprehensive Economic Cooperation Agreement (CECA) with Tehan, who is also Australia’s Minister of Tourism and Investment.

The commerce ministry statement said the ministers appreciated the progress made in various rounds of talks between the chief negotiators of the two sides and discussed the way forward for the early conclusion of the interim agreement. The two ministers acknowledged that bilateral trade talks have been progressing and decided to deepen ties and directed officials to expedite negotiations to pave the way for a comprehensive agreement, the statement said.

“The ministers look forward to a balanced trade agreement that encourages benefits to both economies and their people, and that reflects their shared commitment to a rules-based international trading system,” the statement said.

India is also discussing free trade deals with the United Arab Emirates and the European Union and will initiate talks with the UK and Canada. Goyal had said last week that Gulf Cooperation Countries (GCCs) have also approached New Delhi for a deal and the domestic industry needs to set higher targets and take advantage of these opportunities.