India-Australia Interim Trade Deal could be Finalized this week

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India-Australia Interim Trade Deal could be Finalized this week
30 Mar 2022
6 min read

News Synopsis

According to media reports, Trade talks between India and Australia could be concluded this week. This agreement will strengthen India’s economic forays in the Indo-Pacific region. Last year, both the countries mutually set the target of concluding the interim trade deal by December 2021. They also decided to conclude talks on a comprehensive economic cooperation agreement (CECA) by the end of 2022. A few days ago, the Prime Ministers of both nations also attended the virtual summit. At this summit, Prime Minister of India, Narendra Modi said: “Our Comprehensive Economic Cooperation Agreement – CECA, on this, as you said, I also want to say that remarkable progress has been made in a very short time. I am confident that the remaining issues will also be agreed upon soon. The early completion of CECA will be crucial for our economic relations, economic revival, and economic security.” According to this deal, high-end Australian wine can get a concessional duty from India, and India is likely to get duty concession in some labor-intensive sectors, which includes agriculture and textiles, and greater market access in pharmaceuticals.

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