By the end of 2022, India and Australia will reach a trade agreement

0
724

According to a joint statement published on Friday (Oct 1) announcing the formal resumption of stalled discussions, Australia and India expect to complete a long-awaited historic trade pact by the end of 2022.
Last year, bilateral trade was worth approximately A$24 billion (S$23.5 billion), with India selling its major services sector and Australia exporting coal.
Both are members of the Quad alliance, including the US and Japan, and are aiming to strengthen strategic relations to challenge China and economically and in other ways.
Following meetings between trade ministers in New Delhi, the two nations agreed to “quickly negotiate” a Comprehensive Economic Cooperation Agreement.
Meanwhile, they want to secure an “early harvest” temporary agreement by the end of the year, with some levies already reduced.
According to the statement, the two countries want a “balanced trade agreement that supports greater trade and investment flows to the advantage of both of our economies and shows a shared commitment to the rules-based international trading system.”
In 2020, India was Australia’s seventh-largest trading partner and export market. Negotiations between India and Australia on a comprehensive trade agreement began more than a decade ago but stopped in 2015.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Enable Google Transliteration.(To type in English, press Ctrl+g)