India-Australia likely to conclude talks on trade agreement by December

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New Delhi: India and Australia plan to conclude negotiations on a comprehensive economic cooperation agreement by December, marking one year since the entry into force of the Interim Economic Cooperation and Trade Agreement.

Informed sources said that when the interim agreement was signed last year, it was decided that it would be used as a basis for a more ambitious trade agreement, namely the Economic Cooperation Agreement.

The new agreement will cover five areas including comprehensive market access and digital trade, goods and services, rules of origin and government procurement and cooperation.

Besides, 15 new areas such as competition policy for small businesses, gender, innovation, agritech, essential minerals, sports are being discussed in the border trade agreement between India and Australia. Both the countries have held three rounds of talks regarding this. The fourth round meeting is to be held next month.

The agreement with Australia is significant as it will be the first developed country with which India's agreement will be finalised.

As of 2023, Australia was India's 13th largest trading partner, with $25.96 billion in trade between the two countries. India exported goods worth 6.95 billion dollars. Goods worth 19.01 billion dollars were imported during this period.

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