Union Minister of Commerce and Industry Piyush Goyal and Australia's Minister for Trade and Tourism Don Farrell met on Sunday to discuss steps for further enhancing the bilateral economic relationship.
According to a joint statement, they discussed implementation of the Economic Cooperation and Trade Agreement (ECTA), negotiations for the India-Australia Comprehensive Economic Cooperation Agreement (CECA) and further developing two-way investment.
Last year, on December 29, India and Australia implemented an economic cooperation and trade agreement (ECTA) and are now negotiating to expand its scope for the CECA.
Ministers also discussed engagement in the G20, the Indo-Pacific Economic Framework (IPEF) and the World Trade Organization (WTO).
The Ministers noted that Prime Minister Narendra Modi and Prime Minister Anthony Albanese look forward to swift progress in negotiations and for an early conclusion of an ambitious CECA, which will build on the foundation laid by the ECTA, including new areas of trade, investment and cooperation.
According to the joint statement, CECA will create new employment opportunities, raise living standards and improve the general welfare in both countries. Ministers look forward to concluding CECA as soon as possible, are pleased with the progress resolving various bilateral technical market access issues and look forward to continuing engagement.
Minister Farrell reiterated Australia's strong support for India's G20 Presidency. They agreed that the G20 needs to help the world navigate a pathway back to strong, sustainable and inclusive growth, including accelerating progress to achieve the Sustainable Development Goals.
Further, ministers reaffirmed the importance of the multilateral trading system, with the WTO at its core. They agreed to build on the success of the 12th WTO Ministerial Conference in Geneva and reaffirmed their commitment towards improving WTO functions and having a fully functioning dispute settlement system by 2024.
The statement added they agreed to work towards a productive engagement in the run up to the 13th WTO Ministerial Conference to be held in Abu Dhabi in 2024.
Ministers acknowledged that Australia and India are important trading partners. Notably, India-Australia bilateral trade exceeded USD 31 billion last financial year.
"Both agreed that given the trade complementarities between the two countries, there is considerable potential for significantly enhancing bilateral trade within the next 5 years," the statement added.
( With inputs from ANI )
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