India and Australia to discuss FTA next week as free trade becomes mantra for growth

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Australia's minister for trade and investment Dan Tehan, who will be in India next week, will discuss the issues relating to a Free Trade Agreement (FTA)."While in India, I will seek to further advance our recent progress towards a free trade agreement, or what is called the Comprehensive Economic Cooperation Agreement, CECA," ANI quoted Tehan as saying.</p>
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India and Australia launched negotiations for a Comprehensive Economic Cooperation Agreement (CECA) in May 2011. According to the <a href="https://www.dfat.gov.au/trade/agreements/negotiations/aifta/australia-india-comprehensive-economic-cooperation-agreement">Australian government’s Department of Foreign Affairs and Trade</a>, there were nine rounds of negotiations before both countries decided to suspend negotiations in September 2015, pending the outcome of other multilateral regional negotiations.</p>
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Last month, Commerce minister Piyush Goyal held a virtual meeting with Tehan. Among other things “the two leaders appreciated the progress made in three rounds of talks between the chief trade negotiators of both sides,” a <a href="https://www.hindustantimes.com/business/india-australia-hold-trade-talks-discuss-way-forward-for-ceca-s-early-ending-101630050574073.html">Hindustan Times</a> report said.</p>
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In June 2020, as part of the Joint Statement on a Comprehensive Strategic Partnership between India and Australia, Prime Minister Narendra Modi and his Australian counterpart Scott Morrison decided to re-engage on the issue “while suitably considering earlier bilateral discussions, where a mutually agreed way forward can be found,” the Australian government’s website said.</p>
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India, which has not signed any trade agreement since 2012, is also keen to ink trade agreements with the US, UK and other European countries, which would be mutually beneficial. Negotiations with Bangladesh have also reached an advanced stage. Sources said that the trade deal between the two neighbours could be signed soon.</p>
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Last year, New Delhi opted out of the China-led Regional Comprehensive Economic Partnership (RCEP) but several other members of the pact including Australia are keen to expand trade relations with India.  </p>