The Impressive TimesNew Delhi, May 4, 2024: India and Australia have pledged to deepen their economic ties and resolve market access issues swiftly, as outlined in discussions held during the Joint Committee Meeting (JCM) under the India-Australia Economic Co-operation and Trade Agreement (Ind-Aus ECTA).
Led by Commerce Secretary Shri Sunil Barthwal and Deputy Secretary Shri George Mina from the Department of Foreign Affairs and Trade (DFAT), the delegations engaged in fruitful deliberations aimed at bolstering bilateral economic relations and exploring new avenues for cooperation.
During the meeting, both sides addressed implementation issues of the ECTA, including mutual recognition agreements (MRAs) on organic products and market access challenges concerning various commodities such as okra, pomegranate, and lentils. Discussions also encompassed pharmaceutical pricing controls and regulatory hurdles in sectors like whisky and wine trade.
A significant outcome of the JCM was the establishment of an institutional mechanism for the regular exchange of preferential import data, a pioneering initiative aimed at enhancing transparency and efficiency in trade relations.
Moreover, discussions extended to critical services issues, with a focus on facilitating cross-border e-payments and mutual recognition agreements in professions like nursing and dentistry. Both nations reiterated their commitment to streamlining regulations to promote the mobility of healthcare workers and tele-medicines.
In parallel, negotiations under the India-Australia Comprehensive Economic Cooperation Agreement (CECA) were reviewed at the chief negotiators level. Both parties emphasized the importance of achieving a balanced outcome that builds upon the achievements of the ECTA while addressing sensitivities on both sides.
Beyond formal discussions, meetings with businesses and industry associations in Sydney and Melbourne highlighted the eagerness of stakeholders to collaborate across various sectors, including healthcare, education, agriculture, and digital connectivity. The interactions underscored the potential for synergistic partnerships that could bring substantial benefits to businesses and citizens of both nations.
The commitment of India and Australia to fostering a robust economic relationship was reaffirmed, setting the stage for deeper cooperation and mutual prosperity.
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