India, Australia to finalise interim trade agreement in 30 days: Piyush Goyal

The India-Australia Comprehensive Economic Cooperation Agreement (CECA) is expected to be concluded in 12 months thereafter. Goyal announced this after series of meetings with Dan Tehan MP, Minister for Trade of Australia.

Addressing a joint press conference with after conclusion of the 3-day talks in New Delhi, Goyal recalled watching the classic movie ‘Dil Chahta Hai’, which was partially shot in Australia, and portrayed a strong bond of friendship among friends. He said expanding India-Australia relationship also exhibits a similar strong bond.

“CECA FTA is like a ‘Dil Chahta Hai FTA’, which represents the hope, aspiration and ambition of the people of our two great nations. The two nations are expected to sign the Interim Agreement in March 2022. The areas covered under the interim agreement should include goods, services, rules of origin, sanitary and phytosanitary measures, Customs procedure, and Legal and Institutional issues,” he said.

Goyal said he had very fruitful discussions with his Australian counterpart and significant progress has been made in advancing the FTA between the two nations.

Terming the negotiations as a watershed moment in India-Australia bilateral relationship, the commerce minister expressed his gratitude to the Prime Ministers of both nations, Narendra Modi and Scott Morrison for their leadership, guidance and support.

The minister exhorted that India and Australia are linked by the great Indian Ocean; connected by history, shared inheritances and deeply interlinked destinies.

The CECA would be a substantial opportunity for both of economies and a significant moment in the India-Australia bilateral relationship.

Both ministers agreed on the need for a balanced trade agreement that encourages expanded trade and investment flows to the benefit of both of the economies, and reflects a shared commitment to the rules-based international trading system.

The ministers also agreed to expeditiously resolve tax-related issues faced by Indian software firms in Australia.

Responding to a question, Goyal said that Quad has brought the four countries, viz. USA, India, Australia and Japan closer and this had also enabled India and Australia to come closer to each other in economic relations as well.

Dan Tehan also announced that on 21st February, Australia would be open to travelers from all over the world and extended his invitation to Indians to visit Australia.

The Minister opined that as a result of MoU, the tourism flows between the two countries will continue to grow and that the education relationship between the two nations would also flourish. “We are looking at mutual recognition of qualifications in Australia so that students can now study in both nations,” he said.