New Delhi, March 13 (FN Agency) Commerce Minister Piyush Goyal and Australia’s Minister for Trade and Tourism Don Farrell have discussed steps for further enhancing the bilateral economic relationship, an official statement said on Sunday. According to a joint statement issued after the meeting held on Saturday, the ministers discussed the implementation of the Economic Cooperation and Trade Agreement (ECTA), negotiations for the India-Australia Comprehensive Economic Cooperation Agreement (CECA) and further developing two-way investment. They also discussed engagement in the G20, the Indo-Pacific Economic Framework (IPEF) and the World Trade Organization (WTO). The ministers noted that Prime Minister Narendra Modi and Prime Minister Anthony Albanese look forward to swift progress in negotiations and to an early conclusion of an ambitious Comprehensive Economic Cooperation Agreement (CECA), which will build on the foundation laid by the ECTA, including new areas of trade, investment and cooperation.
The statement said that CECA will create new employment opportunities, raise living standards and improve the general welfare in both countries. “The 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,” the statement said. The ministers highlighted the importance of a smooth and timely clean energy transition as both countries work towards achieving their respective net zero goals. They noted the complementary nature of Australia and India’s economies and committed to further enhancing economic, technology, and trade and investment cooperation to get to net zero emissions. Farrell reiterated Australia’s strong support for India’s G20 Presidency.
Ministers agreed that the G20 needs to help the world navigate a pathway back to strong, sustainable and inclusive growth, including accelerating progress to achieve the Sustainable Development Goals. They agreed that Australia and India share high ambition for the IPEF, as evidenced at the special round of IPEF negotiations in New Delhi, and would continue to work together through IPEF on areas of mutual interest, including the clean economy and resilient supply chains. They agreed to build on the success of the 12th WTO Ministerial Conference in Geneva and reaffirmed their commitment towards improving WTO functions and having a fully functioning dispute settlement system by 2024. They also 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, the statement said.