India and Australia are working towards a Comprehensive Economic Cooperation Agreement, Australian Prime Minister Anthony Albanese said on Friday emphasising that people-to-people connect have been the foundation of ties between the two countries.
The Australian PM further said that he is hopeful that the agreement will be finalised this year. Addressing a joint press conference with PM Modi after bilateral level talks were held at Hyderabad House earlier this morning Albanese said that Australia’s relationship with India is multifaceted.
Albanese said that high-level contact between the two countries has further strengthened cooperation across many sectors.
“I look forward to hosting PM Modi in Australia for the Quad Leaders summit in May and then returning to India in September for the G20 Leaders summit. The frequent high-level content between Australia and India has further strengthened cooperation across a range of areas including trade & investment, climate and energy, defence and security, and between the people of our two countries.”
Last year, both the countries had signed a free trade agreement called the Economic Cooperation and Trade Agreement.
The bilateral trade between the two countries amounts to nearly 27 billion dollars in 2021-22. The bilateral trade is expected to cross 45 to 50 billion dollars by 2035.
The Australian Prime Minister is currently on an official visit to India from March 8 to 11 During the first India-Australia Annual Summit held here today both the countries shared their commitment towards further deepening of Comprehensive Strategic Partnership. Both the nations exchanged MoU for cooperation in sports and audio-visual co-production.
The Indian and Australian side also exchanged Terms of Reference for India-Australia Solar Task Force, Letter of Intent between Atal Innovation Mission and Commonwealth Scientific and Industrial Research Organization..
In the joint press conference today Albanese said that Australia also agreed to strengthen its defence partnerships with India.
“We agreed on an early conclusion of our ambitious Comprehensive Economic Cooperation Agreement as soon as possible. I am hopeful that we will be able to finalise it this year,” he said.
He further said that CECA will open new employment opportunities for both countries.
“CECA will open new employment opportunities for both countries. We will finalise and hope for an early conclusion of CECA this year. Australia has eliminated tariffs on 85 per cent of goods exported to India according to the trade agreement signed last year between the two countries,” he said.
Based on the recommendation of the Joint Study Group (JSG) in 2010 and subsequent approval of The Trade and Economic Relations Committee (TERC) headed by the then Prime Minister of India on 29.04.2011, India is negotiating with Australia Comprehensive Economic Cooperation Agreement (CECA) covering trade in goods, services, investment and related issues.
