TFP Bureau, New Delhi; May 4, 2024: India and Australia are poised to strengthen their economic ties through collaborative projects, addressing market access issues, enhancing people-to-people contacts, and advancing ongoing Comprehensive Economic Cooperation Agreement (CECA) negotiations. A recent Joint Committee Meeting (JCM) between the two nations emphasized the significant potential for bilateral trade and cooperation.
India’s Commerce Secretary Shri Sunil Barthwal led a delegation that engaged in constructive discussions with their Australian counterparts, including Deputy Secretary Shri George Mina from the Department of Foreign Affairs and Trade (DFAT), and various businesses in Sydney and Melbourne. The aim was to deepen existing economic relations and explore untapped opportunities for mutual benefit.
During the JCM, both sides highlighted the successful implementation of the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) and addressed key implementation issues. These included matters related to organic products, market access for specific items like okra, pomegranate, grapes, cottage cheese, macadamia nuts, lentils, and avocado, as well as discussions on pharmaceutical pricing control and regulatory challenges in the whisky and wine sectors.
Noteworthy outcomes of the meeting include the establishment of an institutional mechanism for sharing preferential import data on a monthly basis, facilitating smoother trade flows. The JCM also discussed coastal tourism, critical minerals, and collaboration on establishing Disease-Free Zones for shrimp and prawns in India.
Additionally, the meeting addressed critical services issues, including facilitating cross-border e-payments and mutual recognition agreements for professions like nursing and dentistry. Both countries reaffirmed their commitment to removing barriers in healthcare worker mobility and promoting telemedicine services.
At the chief negotiators level, Additional Secretary Shri Rajesh Aggarwal and Assistant Secretary Shri Ravi Kewalram reviewed progress on the India-Australia CECA negotiations. The discussions aimed to achieve a balanced outcome that respects sensitivities on both sides while exploring effective cooperation in various sectors.
Meetings with businesses and industry associations revealed shared eagerness to collaborate in areas such as capacity building, vocational training, healthcare services, digital connectivity, finance, agriculture, transport, and pharmaceuticals. There is a mutual desire to elevate the strategic partnership to new heights, benefitting businesses and citizens alike.
The engagements underscored the commitment of both India and Australia to nurturing a robust economic relationship, underpinned by shared values and a vision for enhanced cooperation across diverse sectors. The discussions pave the way for expanded collaboration and prosperity for both nations in the coming years.
