Australia and India's trade ministers recently met to check on how their talks for a wide-ranging free-trade agreement were progressing. This conference will address the Economic Cooperation and commerce Agreement (ECTA), that were introduced just over 20 months ago, but has already shown substantial advantages in terms of commerce between the two nations.
Trade between India and Australia: ECTA
- ECTA has increased exports to India by AU$30 billion of it applicable ohmygod that is significant for Australia.
- Australian agriculture grew by 60% to export $1.6 billion farm goods into India
Trade Objectives and Intentions
- Piyush Goyal of India, Don Farrell of Australia looking to grow trade to $100bn by 2030
- Cheaper imports for Australian consumers have saved about $225 million due to lower tariffs.
Main Discussions
- Review of the implementation of ECTA.
- Progress across Comprehensive Economic Cooperation Agreement (CECA).
- Addressing WTO issues.
- Opportunities within Indo Pacific Economic Framework.
Aussie AgWars
- Australia has autracies on key agriculture products to be exported in India.
- India very sensitive in dairy products, he said.
Hopes for Future Trade Talks
- In light of this fact, it is hoped that future trade agreements between the two countries will be more balanced and able to build on ECTAs successes.
Month: Current Affairs - October 20, 2024
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