India-Australia To Conclude Free Trade Agreement By 2022 End, First Trade Deal To Be Signed In October

The Indian and the Australian Government is going to sign a comprehensive Free Trade Agreement (FTA) by the end of 2022. The early harvest deal between India and Australia is expected to be signed by Christmas (December) 2021.

Mr. Dan Tehan, the Minister for Trade, Tourism and Investment of Australia, on the 30th of September, issued a statement regarding the same. He said, “We (Indian and Australia) have agreed to make sure that we will conclude the Free Trade Agreement between Australia and India by the end of 2022 and an early harvest trade deal by Christmas this year.”

Mr. Tehan further said, “Before the final Free Trade Agreement, India and Australia will come with an Interim agreement by December 2021. It will be in compliance with WTO (World Trade Organisation) rules. We have started discussing issues of logistics, country of origin etc. We will exchange offer on the trade deal by end of October.”

On the 30th of September, Mr. Piyush Goyal, the Indian Minister for Commerce and Industry and the Australian Minister Mr. Dan Tehan addressed a join media briefing. During the press meet, both the India-Australia ministers said, “We have built wonderful relations between India and Australia. Our PMs recently met in the US. We’ve set out ambitious timelines and targets. We’ll start working immediately to expand the India-Australia trade relationship.” The press meet was held in Delhi during the visit of Mr. Dan Tehan to India.

With this, India would restart the India-Australia Comprehensive Economic Cooperation Agreement (CECA) negotiations. The free trade agreement between India and Australia would benefit in economic situation and would be an advantage for trading between the countries. The offers regarding the new pact would be exchanged by the end of October 2021. Later in December, the two countries would sign an interim FTA contract and by 2022 the FTA would be concluded with an official agreement.

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