[ad_1]
By Manoj Kumar
NEW DELHI (Reuters) -Indian and Australian negotiators are close to clinching a limited trade pact or so-called “early harvest agreement”, India’s commerce and industry minister Piyush Goyal said on Friday after talks with his Australian counterpart.
The negotiations should be complete within 30 days, Goyal told a joint news briefing with Australian Trade Minister Dan Tehan.
Goyal said the deal would cover a wide range of sectors and open opportunities for manufacturing, education and jobs in both countries.
Trade negotiations received a push after the United States, Australia, Japan and India pledged to set up a so-called Quad group in response to China’s economic and military expansion.
On Friday, foreign ministers of the four countries pledged to deepen cooperation, particularly on COVID-19, cyber threats and counter-terrorism, at a meeting in the Australian city of Melbourne.
“Quad has added to the strength of the relationship” of India and Australia, Tehan said, noting that Canberra had already signed trade pacts with the United States and Japan.
Australia and India launched negotiations for a Comprehensive Economic Cooperation Agreement back in 2011, and in 2020 Indian Prime Minister Narendra Modi and his Australian counterpart decided to speed up the negotiations for a trade deal while agreeing to resolve some bilateral issues.
Regarding fears among domestic industry and farmers about a bilateral trade pact with Australia, Goyal said both sides have been fair and understood the “sensitivities of each other,” and the deal would be a “win-win”.
Australia wants a phased reduction in tariffs for its wines, while India is seeking greater market access for its textiles, footwear, leather, and pharmaceuticals and easier entry for its professionals, industry officials said.
“We understand India’s sensitivity towards dairy” and some other sectors, Tehan said.
Two-way trade in goods and services has grown in value from $13.6 billion in 2007 to $24.3 billion in 2020, according to government estimates.
(Additional reporting by Shilpa Jamkhandikar; Editing by Kevin Liffey and Mark Heinrich)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link
