India-Australia trade agreement to respect each other’s sensitivities: Piyush Goyal, Oz minister

India-Australia trade agreement to respect each other’s sensitivities: Piyush Goyal, Oz minister

India and Australia plan to sign an Interim Trade Agreement in the next 30 days, and they hope to have it done by that time. The deal will include goods, services, rules of origin, sanitary and phytosanitary measures, customs procedures, legal and institutional issues, and so on. 

It will also cover legal and institutional issues. Commerce and industry minister Piyush Goyal said on Friday that the two countries have been able to work together and respect each other’s feelings. Australia’s trade, tourism, and investment minister Dan Tehan said the same thing. 

During a joint press conference after their three-day talks, Goyal said that the good thing about their friendship is that they have respected each other’s feelings and ideas. “And the deal is only a win-win for both sides, with no negatives for either one. So, it’s a good deal for both people and businesses, because it will meet their needs.” 

It is expected that the two countries will sign the interim agreement in March. Then the India-Australia Comprehensive Economic Cooperation Agreement (CECA) is expected to be signed in the next year or so after that. 

We “understand the sensitivities that India has when it comes to dairy, meats, and wheat,” Tehan said. “I’m happy to add to that, and I’ve already said this in Australia very publicly,” he said. 

Dairy and farming are essential to India because they employ many people, but Canberra has been very cautious about opening up its service sector. 

People in Australia believe that rules should be set and followed when people trade with each other. Tehan said about Australia’s experience with the Regional Comprehensive Economic Partnership, which includes China as a member.

How students will benefit from the free trade deal between India and Australia. 

India and Australia are talking about the possibility of allowing Indian students to stay in Australia for another three to five years. 

Dan Tehan, the Australian trade minister, is in India to discuss a proposed free trade agreement (FTA). The goal is to strengthen economic ties between the two countries and make Australia a top choice for students and tourists. 

New Delhi wants to make it easier for Indian students and professionals to get visas in Australia, reports say. 

The two sides have agreed to finish a long-running FTA called CECA by the end of 2022. 

“Goyal and I have been in regular contact over the Christmas and New Year period because we both want to get an interim free trade deal done.” 

In a statement, Australia and India said that the trade deal could be a “game-changer” for both countries. It’s also an essential part of the post-Covid economic recovery. 

Australia and India will sign a memorandum of understanding that will help them both travel and do business more. Tehan will do this on behalf of the Australian government. 

They did business with each other in 2020-21, but in 2019-20 they did business with each other for a total of $12.5 billion. Australia has a more significant trade deficit than the rest of the world, which is good for them. 

Refined petroleum, medicines, railway vehicles, including hover-trains, pearls and gems and jewellery, are some things India sells to Australia. The country also imports a lot of coal, copper ores and concentrates and gold, vegetables, wool and other animal hair, fruits and nuts, lentils, and education-related services.

They are getting closer to a final “Interim Agreement” on trade. 

“Sensitive” items aren’t likely to be part of the interim trade deal between India and Australia, said Dan Tehan, the country’s Trade and Tourism Minister, on Friday. He said that the Indian and Australian negotiators would have the final “interim agreement” ready in 30 days. He said the agreement would be a “win-win” document at a joint press conference in New Delhi. 

In India, dairy, wheat, and beef are essential. We know that.” Negotiator: “We’ve taken into account each other’s feelings in the short-term agreement,” Mr Tehan told the New York Times. Indian farmers’ unions are worried about talks on the interim agreement before the Comprehensive Economic Cooperation Agreement is signed, and they are watching the discussions very closely (CECA).

An early harvest deal. 

“All of these things will be out in a package,” said Mr Goyal, who refused to give more specifics about which sectors will be part of the interim agreement. Our teams will have signed a short-term trade deal thirty days from now, and it’s a critical point in our relationship with each other. 

Both of the sides said they were confident that they would sign a comprehensive Free Trade Agreement (CECA). They said that the “interim agreement” is an “early harvest deal” that will help boost trade before the final CECA is signed. 

The Australian Minister also said that the country is in favour of rules that govern international trade. Australia and China, both of them, are in a trade dispute over barley and wine right now; Mr Tehan said, “We want to make it very clear that those rules need to be obeyed in spirit.” As soon as the two ministers signed a new MoU on tourism, they talked to the media about the deal they made. Minister: Australia’s tourism industry is on its way to reopening to the rest of the world. 

Because of COVID travel restrictions, Indian students could not return to their Australian campuses. 

FTAs in a row 

The interim agreement will start a new phase of FTAs that India wants to get in the next year, and this will be the first one. Other than Australia, India is in talks to sign free trade and early harvest deals with Israel, Canada, the European Union, the United Arab Emirates, and the United States. According to people who know, India and the United Arab Emirates are very close to agreeing on the draught of the FTA, which is likely to happen this month, according to the people. 

It’s also been shown that the Gulf Cooperation Council, which is made up of six countries, wants to sign an FTA with India. Also, in the GCC are Bahrain and Kuwait, Oman, Qatar and Saudi Arabia and the UAE. He said that the Canadian trade minister, Mary Ng, will visit India soon. 

The leaders of the Indian farmers, on the other hand, have reacted cautiously to the news that they will soon sign an interim agreement with Australia. A spokesperson for the Bharatiya Kisan Union (BKU) was at the forefront of the year-long anti-farm laws protest. Dharmendra Chaudhry: “As of now, the details aren’t clear, but we would ask the government to keep agriculture and dairy out of the FTA talks with Australia and other countries.” This is what he said. 

Edited and published by Ashlyn Joy