[ad_1]
New Delhi: In a bid to accelerate the Free Trade Agreement (FTA) negotiations with India, Australia’s assistant trade minister Tim Ayres is on a visit to India to assess the progress of the pact and finalize the agreement by the end of this year.
Ayres is set to participate in the G20 Trade and Investment Ministers’ meeting, slated to begin on 23 August in Jaipur. Later this week, he will also play a prominent role at the B20 Business Summit in New Delhi.
“I will also use this visit to discuss progress on our Free Trade Agreement with India, the Australia-India Comprehensive Economic Cooperation Agreement (CECA), which we are looking to conclude this year,” said Ayres in a statement on Wednesday.
The conclusion of an ambitious agreement will enable Australia and India to realise the full potential of bilateral economic partnership, he said in a statement.
India and Australia signed the Economic Cooperation Trade Agreement in April 2022, which came into effect from 29 December, 2022. Post the implementation of the pact, India’s trade deficit with Australia has narrowed by 15% on increased exports of drugs, electrical machinery, and iron and steel articles.
India’s exports to Australia fell by over 32% in the five months to May compared to the year-ago period, while imports shrank by 25%, resulting in a narrowed trade gap of $3.87 billion, representing a 15% decline from the previous year, according to official data.
Excluding the energy basket, such as oil and coal, from the trade data reveals that India’s exports rose by 3.3% during the period, while imports saw a significant decline of 31%, resulting in a narrowed trade gap of $3.27 billion, marking a 41% decrease from the year earlier.
“I look forward to meeting with my G20 counterparts to discuss how we can boost international trade and investment to help create more jobs, and address slowing global growth,” he said in his statement, adding that he will also advocate for Australia’s trade interests, including to reinforce G20 support for a strong rules-based multilateral trading system with the World Trade Organization at its core.
He also said Australia will continue to work closely with India in support of its G20 presidency.
During his visit, Ayres will also meet with European counterparts to discuss progress on the Australia-European Union Free Trade Agreement negotiations.
Download The Mint News App to get Daily Market Updates.
Updated: 23 Aug 2023, 04:36 PM IST
[ad_2]
Source link