Implementation and progress of ECTA-CECA discussed in Adelaide
The Indian and Australian commerce, industry and trade ministers have discussed areas of cooperation and economic priorities for the two countries during the 19th Joint Ministerial Commission meeting in Adeliade.
Minister for Commerce and Industry Piyush Goyal and Minister for Trade and Tourism Don Farrell reviewed the implementation of Economic Cooperation and Trade Agreement (ECTA) initiatives as well as progress on the Comprehensive Economic Cooperation Agreement (CECA) negotiations among others.
The Ministers reiterated the target of achieving A$100 billion bilateral trade by 2030 bseindia .
They also discussed enhancement of cooperation at multilateral and other regional forums such as G20, IPEF and WTO, including the Domestic Services Regulation issue nseindia .
At a Joint Press Conference after the meeting, the Minister announced the opening of an Investment, Trade, Technology and Tourism (ITTT) office in Sydney which will have representatives of Invest India, NICDC, Export Credit Guarantee Corporation and DGFT, including industry bodies like CII and FICCI.
Minister Farrell announced a new grant of A$10 million for Australian businesses, organisations and universities to boost cooperation with India. “Under the new grant, A$5 million will be extended to Australian organisations working on projects that boost trade and innovation, cultural ties and community leaders, and a further A$5 million for scholars and fellowships to support Australian universities to host Indian students in their research, on shared challenges sbi .”
Both sides agreed that the ‘Make in India’ and ‘Future Made in Australia’ initiatives are complementary and present opportunities to both sides to work together makeinindia .
The Minister’s visit will impart further momentum to the enhanced economic and commercial engagement between India and Australia, the Ministry of Commerce and Industry said on 26 Sept asx.com.au/ .
The visit allowed both sides to review progress of CECA and implementation of ECTA initiatives deutsche-boerse .
In addition, several interactions with Australian and Indian businesses in Sydney will lead to enhancement of trade and investment ties between the two countries, it added investindia . fiinews.com
