India and Australia, two major democratic nations in the Oceania region, convened for a Joint Committee Meeting (JCM) aimed at bolstering their bilateral trade ties. With merchandise trade between the two countries reaching approximately 24 billion USD in the fiscal year 2023-24, there’s evident potential for further expansion.
Led by Commerce Secretary Sunil Barthwal from India and Deputy Secretary George Mina from the Department of Foreign Affairs and Trade (DFAT) in Australia, the discussions in Canberra focused on enhancing India and Australiaeconomic cooperation through trade facilitation and investment promotion.
The meeting marked the first JCM under the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA). Key topics included addressing implementation issues of the ECTA, such as market access for various products including okra, pomegranate, and pharmaceutical pricing control on generics.
Additionally, both sides acknowledged the importance of services sectors, discussing facilitation of cross-border e-payments and mutual recognition agreements in professions like nursing and dentistry.
Moreover, negotiations under the Comprehensive Economic Cooperation Agreement (CECA) between Additional Secretary Shri Rajesh Aggarwal from India and Assistant Secretary Shri Ravi Kewalram from DFAT were reviewed, with a focus on achieving a balanced outcome and deeper integration of economies.
The commitment to fostering a robust India and Australia economic relationship was further reinforced through discussions on WTO issues and mutual support for resolving long-standing issues like public stock holding.
Meetings with business associations highlighted mutual interest in sectors ranging from healthcare to digital connectivity, emphasizing the eagerness of both governments and businesses to elevate the strategic partnership to new heights, promising significant benefits for citizens and businesses alike.
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