India-Australia Trade Pact Talks in November: Key Updates

New Delhi, Aug 25 (PTI) Senior officials of India and Australia are expected to hold their next round of talks for a compressive free trade agreement in November here, the commerce ministry said on Sunday.

The two countries implemented an interim trade agreement in December 2022 and are now under negotiations to expand its scope.

It said that the tenth round of India-Australia CECA (comprehensive economic cooperation agreement) negotiations was held from 19-22 August in Sydney in the areas of goods, services, digital trade, government procurement, rules of origin and agri-tech.

Intense discussions were held on each of these tracks bringing in clarity and understanding for convergence in the remaining provisions, it added.

"The next round of CECA negotiations is likely to be held in November," it said in a statement.

The Indian delegation was led by Rajesh Agrawal, the Chief Negotiator and Additional Secretary, Department of Commerce and the Australian delegation was led by Ravi Kewalram, the Chief Negotiator and First Assistant Secretary in the Department of Foreign Affairs and Trade.

"The meeting saw intensive discussions and negotiations to narrow down the differences through better understanding of each other's proposals and the way to bring in convergence. Efforts were made by both the sides keeping in mind the domestic sensitivities for reaching a balanced outcome," the ministry said.

Further the ministry said that the Australian side proposed to hold the first meeting of the India-Australia Agri Tech Forum (IAATF), a newly constituted forum by Australia, in New Delhi on September 23, with the Indian agricultural stakeholders including industry, research institutions and government.

The objective of the meet is to build on mutually beneficial relationships by exploring opportunities for focused activity around technology transfer and knowledge sharing in agriculture and horticulture sectors.

Australia is an important trading partner of India in the Oceania region, with merchandise trade between India and Australia reaching around USD 24 billion in 2023-24.

India's exports to Australia last fiscal stood at USD 7.94 billion, while imports were USD 16.15 billion. The trade between the two countries has been hovering at around USD 25 billion mark since 2021-22.