Australia-India Free Trade Talks In Progress, Says Australian Diplomat
Date
6/26/2024 2:22:13 PM
(MENAFN- KNN India)
New Delhi, Jun 26 (KNN) In a significant development for bilateral relations, Australia is currently engaged in discussions with India to establish a comprehensive free trade agreement, according to Australian Deputy High Commissioner Nicholas McCaffrey.
The diplomat made this announcement during an interactive session hosted by the Confederation of Indian industry on Tuesday.
McCaffrey revealed that these talks aim to upgrade the existing Economic Cooperation and Trade Agreement (ECTA), which was signed in 2022.
The goal is to enhance the scope and impact of the current trade pact between the two nations.
"With the Lok Sabha elections over, Australia is now in talks with Indian officials to formulate a comprehensive free trade agreement," McCaffrey stated, indicating that the political climate is now conducive for advancing these negotiations.
The Deputy High Commissioner highlighted the robust growth in economic ties between Australia and India over the past decade.
Bilateral trade has doubled to USD 26 billion during this period, underscoring the increasing economic interdependence of the two countries.
McCaffrey also pointed to the complementary nature of India-Australia economic relations. He cited the rising number of direct flights between the two nations as further evidence of strengthening ties.
(KNN Bureau)
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