India and Australia held ‘intensive discussions’ on a wide range of issues, including goods, services and digital trade, and underscored the commitment to strengthen and enhance economic partnership during the 10th round of Comprehensive Economic Cooperation Agreement (CECA) negotiations between the two sides, an official statement said on Sunday.
The talks were held from August 19 to 22 in Sydney. The negotiations also focused on areas such as government procurement, rules of origin and agri-tech.
“The meeting saw intensive discussions and negotiations to narrow down the differences through better understanding of each other’s proposals and the way to bring in convergence. Efforts were made by both the sides keeping in mind the domestic sensitivities for reaching a balanced outcome,” the statement said.
The two sides also reviewed the bilateral trade and investment relations and underscored commitment to strengthen and enhance the economic partnership between India and Australia.
“Both sides made efforts to ensure that the CECA negotiation delivers meaningful benefits and balanced outcomes for both sides,” it said.
This was the first round of talks since the conclusion of the general elections in New Delhi in June. The 10th round of negotiations were held after a gap of around five months from the previous round. However, intersessional meetings were held between these two rounds to bring in convergence on key issues.
The next round of India-Australia CECA negotiations is likely to be held in November in India.
In June, Business Standard had reported that Australia is pushing to conclude the CECA negotiations with India in the next six-seven months, as the country’s federal election is scheduled for May, 2025.
The proposed comprehensive trade deal envisages covering five broad areas, including goods, services, digital trade, government procurement, product specific rules under rules of origin chapter. Both sides have shown interest in the inclusion of new areas in the comprehensive trade deals, such as competition policy, micro, small and medium enterprises (MSMEs), gender, innovation, agri-tech, critical minerals, and sports.
CECA negotiations began in February 2023, nearly two months after the signing of the interim trade agreement also known as Economic Cooperation and Trade Agreement (ECTA). Both countries had signed ECTA in April 2022, which kicked in later during the year– from December 29.
First Published: Aug 25 2024 | 3:09 PM IS