In a significant step toward deepening trade relations, Australia is hosting Minister of Commerce and Industry, Piyush Goyal, in Adelaide today for the 19th Australia-India Joint Ministerial Commission. The talks, led by Australia’s Minister for Trade and Tourism, Don Farrell, mark a critical moment in the bilateral relationship, especially following the recent QUAD Leaders’ summit, which brought Australia, India, Japan, and the United States together for strategic discussions in Delaware, US.
Australia and India have enjoyed a rapidly expanding trade partnership, with Minister Farrell emphasizing that the talks will continue building on the success of the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA), which was enacted in November 2022. This agreement has already facilitated over $30 billion worth of Australian exports entering India tariff-free, benefiting both economies by creating new jobs and reducing consumer prices. Australians have saved approximately $225 million on Indian imports since the deal’s implementation, according to Farrell.
“India is the world’s fastest-growing major economy and is on track to become the third-largest economy by 2030,” said Farrell. “Minister Goyal’s visit to Australia is a clear demonstration of our shared commitment to expanding two-way trade and investment.”
Zerodha achieves Rs 8,320 crore revenue in FY24: Nithin Kamath warns about ‘big revenue hit’ later this year
India and Peru: Forging New Frontiers in Trade and Resource Cooperation
Delta Corp announces demerger of hospitality and real estate business
Shoppers in US and India embracing hybrid approach – Report indicate shifting trends across e-commerce
As India continues to rise on the global economic stage, the two countries are negotiating a more comprehensive trade deal, known as the Comprehensive Economic Cooperation Agreement (CECA). This ambitious agreement aims to unlock even more significant opportunities in sectors such as clean energy, agribusiness, education, skills development, and tourism.
Farrell also highlighted the Albanese government’s roadmap for deepening economic engagement with India. This strategic framework is designed to seize the vast potential for collaboration between Australian businesses and India’s growing market, further cementing the relationship between the two nations.
With these trade talks and ongoing negotiations, Australia and India are poised to foster stronger economic ties, creating new opportunities for businesses, consumers, and exporters on both sides. As these talks progress, they set the stage for even greater cooperation in the years to come, advancing the shared goal of mutual economic growth.
From: financialexpress
Financial News
