Commerce and Industry Minister Piyush Goyal and his Australian counterpart Don Farrell convened the India-Australia Joint Ministerial Commission on Saturday and discussed negotiations for a full-scale free trade pact and steps to spur investment flows into both countries.
In a joint communique issued on Sunday, Mr. Goyal and Mr. Farrell, Australia’s Trade and Tourism Minister, said they were pleased with the progress in resolving various bilateral technical market access issues and “look forward to concluding” the India-Australia Comprehensive Economic Cooperation Agreement (CECA) soon.
“Prime Minister Narendra Modi and Prime Minister Anthony Albanese look forward to an early conclusion of an ambitious Comprehensive Economic Cooperation Agreement (CECA), which will build on the foundation laid by the Economic Cooperation and Trade Agreement [signed last year], including new areas of trade, investment and cooperation. CECA will create new employment opportunities, raise living standards and improve the general welfare in both countries,” the statement said.
Apart from next steps to further enhance the bilateral economic relationship, the two Ministers also discussed engagements in the G-20, the Indo-Pacific Economic Framework (IPEF) and the World Trade Organization (WTO).
Agreeing towards a productive engagement in the run-up to the 13th WTO Ministerial Conference to be held in Abu Dhabi in 2024, the two Ministers reaffirmed their commitment towards improving WTO functions and having a fully functioning dispute settlement system by next year.
On the IPEF, the Ministers agreed that Australia and India share high ambitions and would continue to work together on areas of mutual interest, including the clean economy and resilient supply chains.
PTI adds:
"India-Australia bilateral trade exceeded $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 said.
Prime Minister Narendra Modi on March 12 also shared an anecdote that was narrated to him by Australian Trade Minister Don Farrell about how one of his teachers had migrated from Goa, and said that it underlines the rich cultural connect between India and Australia.
Mr. Farrell had accompanied Australian Prime Minister Anthony Albanese who was in India last week on an official visit.
In a series of tweets, Mr. Modi said, “During the lunch in honour of my friend PM Albanese, the Australian Trade and Tourism Minister Don Farrell shared something interesting… he was taught by one Mrs. Ebert in Grade 1 who left a deep impact on his life and credits her for his educational grounding.”
“Mrs. Ebert, her husband and her daughter Leonie migrated from Goa in India to Adelaide in the 1950s and started teaching at a school in Adelaide, Australia,” Mr. Modi said.
“Mrs. Ebert’s daughter Leonie went on to be the president of the South Australian Institute of Teachers”, he said.
“I was happy to hear this anecdote, which underlines the rich cultural connect between India and Australia. It is equally heartening to hear when someone refers to his or her teacher fondly,” Mr. Modi said.
