In a virtual meeting with H.E. Don Farrell, Minister of Trade and Tourism, Government of Australia, Union Minister of Commerce and Industry Shri Piyush Goyal, Minister of Commerce and Industry stated that the early implementation of IndAus ECTA is in the best interests of both countries. A meeting was held to discuss the status of IndAus ECTA (India-Australia Economic Cooperation and Trade Agreement) ratification, its early implementation, and the path forward for a comprehensive IndAus ECTA.
Both delegations reviewed and appreciated the progress made in ratifying the Indo-Australia ECTA, which was signed on April 22, 2022.
The Australian Minister stated that the IndAus ECTA, as well as amendments to Australia’s domestic regulations for resolving issues related to the Double Taxation Avoidance Agreement (DTAA), had been introduced in the Australian Parliament and were expected to be ratified shortly after the Joint Standing Committee on Treaties submitted its report to the Australian Parliament. He also stated that the processes for ratifying the agreement would be completed in the coming weeks.
Both parties recognised the significance of beginning discussions for the comprehensive IndAus ECTA, as agreed in the IndAus ECTA signed on April 2, 2022.
They agreed to meet the annual Joint Ministerial Commission (JMC) early next year. Meanwhile, experts from both sides will hold their first round of talks, which will lay the groundwork for the Joint Ministerial Commission meeting.
Delegations noted that the two countries have a special relationship based on mutual values such as pluralistic parliamentary democracies, expanding economic strategic engagement, and long-standing people-to-people ties.
The meeting concluded with both parties acknowledging the need to redefine their economic relations by exploring trade and investment opportunities.
