“This visit is also an opportunity to discuss the advancements in our negotiations on the Australia-India Comprehensive Economic Cooperation Agreement (CECA), as we work towards concluding it within this year.”
— Tim Ayres, Australia’s Assistant Trade Minister
In a bid to expedite the negotiations for the Free Trade Agreement (FTA) with India, Tim Ayres, Australia’s Assistant Trade Minister, is currently on a visit to India. His primary goal is to assess the progress of the agreement and ultimately finalize the deal by the end of this year, according to a report by nriaffairs.com.
Ayres participated in the G20 Trade and Investment Ministers’ meeting on August 23 in Jaipur. In the subsequent week, he will play a significant role in the B20 Business Summit taking place in New Delhi.
In a statement, Ayres remarked, “This visit is also an opportunity to discuss the advancements in our negotiations on the Australia-India Comprehensive Economic Cooperation Agreement (CECA), as we work towards concluding it within this year.”
He highlighted that the successful culmination of this ambitious agreement would empower both Australia and India to fully harness the immense potential of their bilateral economic partnership.
Tim Ayres expressed his anticipation for the upcoming discussions with his G20 counterparts. He underscored the intention to deliberate on strategies that would stimulate global trade and investments, foster job creation, and address the sluggish pace of worldwide economic growth
India and Australia finalized the Economic Cooperation Trade Agreement in April 2022, which officially came into effect on December 29, 2022. Since the implementation of this agreement, Australia’s trade deficit with India has decreased by 15% due to increased exports of pharmaceuticals, electrical machinery, as well as iron and steel products.
Over the five-month period leading up to May, India’s exports to Australia witnessed a significant decline of more than 32% compared to the same period in the previous year. Concurrently, imports from Australia also contracted by 25%, resulting in a reduced trade gap of $3.87 billion. This marks a 15% reduction from the previous year, as indicated by official records.
Excluding the energy category, which includes items like oil and coal, India’s exports experienced a 3.3% increase during this period. At the same time, imports saw a significant decline of 31%. Consequently, the trade deficit narrowed to $3.27 billion, showcasing a substantial 41% decrease from the previous year.
Tim Ayres expressed his anticipation for the upcoming discussions with his G20 counterparts. He underscored the intention to deliberate on strategies that would stimulate global trade and investments, foster job creation, and address the sluggish pace of worldwide economic growth.
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