India and Australia to work closely for collaborative projects

Newdelhi:4/5/24:Australia is an important trading partner of India in Oceania region with merchandise trade between India and Australia reaching around 24 billion USD in 2023-24, signaling significant potential for further growth. The Joint Committee Meeting serves as a vital platform for both nations to further strengthen trade ties and explore new opportunities for bilateral economic cooperation in areas such as trade facilitation, investment promotion, as well as cooperation in other areas including technology support.

An Indian delegation led by Commerce Secretary Shri Sunil Barthwal had a very constructive and productive discussion on various trade and prospective investment-related issues with the Australian delegation led by Depute Secretary Shri George Mina from the Department of Foreign Affairs and Trade (DFAT) in Canberra as well as the businesses in Sydney and Melbourne for deepening the existing economic relations between the two democracies, taking advantage of the trade complementarities and expertise and unexplored potential both economies have.

In the first Joint Committee Meeting (JCM) under India-Australia Economic Co-operation and Trade  Agreement (Ind-Aus ECTA), both sides while acknowledging the smooth implementation of the ECTA, briefly elaborated on ECTA implementation issues including MRAs on organic products, market access issues related to products like okra, pomegranate, grapes, cottage cheese, macadamia nuts, lentils and avocado, TRQ administration, pharmaceutical pricing control in Australia particularly on Generics, progress made by the working group on Whisky and Wine aiming to address regulatory challenges and promote trade of these products, outcomes of the ECTA sub-committee meetings and need for their regular meetings for timely resolution, areas of mutual interest including coastal tourism, critical mineral and collaboration for establishing Disease-Free Zones for shrimps and prawns in India. JCM also adopted the Rules of Procedure for the Joint Committee and established an institutional mechanism, first of its kind for FTAs, for regular exchange of preferential import data on monthly basis. It also briefly deliberated on integrated approach for the forthcoming CEO forum event for promoting investments, in particular on Start-ups.

The JCM meeting also addressed certain critical services issues, including the consideration of India’s request for facilitation of cross-border e-payments and mutual recognition agreements in professions like nursing and dentistry. Furthermore, the commitment to remove the ENT/LMT requirement in line with the UK-Australia Free Trade Agreement was reiterated, alongside discussions focusing on facilitating the mobility of healthcare workers between the two nations, promoting telemedicine.

Overall, the JCM reaffirmed the commitment of both India and Australia to foster a robust and mutually beneficial economic relationship, paving the way for enhanced cooperation and prosperity for both nations.