18th India-Australia Joint Ministerial Commission
Source : PIB
GS II : International Relation
What is discussed under 18th India-Australia Joint Ministerial Commission?
- About the discussion
Why in News ?
India’s Minister of Commerce and Industry, Shri Piyush Goyal, and Australia’s Minister for Trade and Tourism, Senator the Hon Don Farrell, met to discuss next steps for further enhancing the bilateral economic relationship.
Key Facts
- Discussed implementation of the Economic Cooperation and Trade Agreement (ECTA), negotiations for the India-Australia
Photo by Joey Csunyo on Unsplash Comprehensive Economic Cooperation Agreement (CECA) and further developing two-way investment. Ministers also discussed engagement in the G20, the Indo-Pacific Economic Framework (IPEF) and the World Trade Organization (WTO).
- CECA will create new employment opportunities, raise living standards and improve the general welfare in both countries.
- Ministers look forward to concluding CECA as soon as possible, are pleased with the progress resolving various bilateral technical market access issues and look forward to continuing engagement.
- India-Australia bilateral trade exceeded US$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.
- Both agreed to work towards a productive engagement in the run up to the 13th WTO Ministerial Conference to be held in Abu Dhabi in 2024.
- Australia and India’s economies committed to further enhancing economic, technology, and trade and investment cooperation to get to net zero emissions.
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