Shri Piyush Goyal and H.E. Don Farrell, Minister of Trade and Tourism of Australia discuss IndAus ECTA (India-Australia Economic Cooperation and Trade Agreement)
Union Minister of Commerce & Industry Shri Piyush Goyal in a virtual meeting with H.E. Don Farrell, Minister of Trade and Tourism, Government of Australia noted that the early implementation of IndAus ECTA is in the best interest of both the countries. Meeting was held to discuss the status of ratification of IndAus ECTA (India-Australia Economic Cooperation and Trade Agreement), its early implementation and to deliberate upon way forward for a comprehensive IndAus ECTA.
During the meeting both the delegations reviewed and appreciated the progress made in ratification of the IndAus ECTA, which was signed on 22nd April, 2022.
The Australian Minister informed that the IndAus ECTA as well as the amendments to the domestic regulation of Australia for resolving the issues related to Double Taxation Avoidance Agreement (DTAA) had been introduced in the Australia Parliament and likely to be ratified shortly after the Joint Standing Committee on Treaty submits its report to the Australian Parliament. He further mentioned that the processes related to the ratification of the agreement will be completed in the following weeks.
Both the parties acknowledged the importance of initiating discussions for the comprehensive IndAus ECTA, as agreed under IndAus ECTA signed on 2nd April, 2022.
They agreed to hold the annual Joint Ministerial Commission (JMC) meeting sometime early next year. In the meantime, experts from both the sides will have their first round of discussions, which will lay a roadmap for the Joint Ministerial Commission meeting.
Delegations noted that both nations share a special partnership based on mutual values of pluralistic parliamentary democracies, expanding economic strategic engagement and long-standing people to people ties.
Meeting concluded with both the parties acknowledging the need to redefine their economic relations exploring the opportunities offered in trade and investment.
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AD/KP/MS