Swift implementation of the India-Australia Economic and Trade Cooperation Agreement (ECTA) is in the best interests of both countries, Union Trade Minister Piyush Goyal said on Tuesday.
Goyal held a virtual meeting with Don Farrell, Australian Minister for Trade and Tourism, to discuss the status of ECTA IndAus ratification, its rapid implementation and to deliberate on the way forward for an ECTA Complete IndAus.
According to the official statement, “During the meeting, the two delegations reviewed and appreciated the progress made in the ratification of ECTA IndAus, which was signed on April 22, 2022.”
The Australian Minister informed that the IndAus ECTA and Amendments to Australia‘s Domestic Regulations to address issues relating to the Double Taxation Avoidance Agreement (DTAA) have been introduced in Parliament
“It is likely to be ratified shortly after the permanent joint committee on the treaty submits its report to the Australian Parliament,” Farrell said.
Farrell further mentioned that the processes related to the ratification of the agreement will be completed in the coming weeks.
Both parties recognized the importance of engaging in discussions on the full ECTA IndAus, as agreed under the ECTA IndAus signed on April 2, 2022.
They agreed to hold the annual meeting of the Joint Ministerial Commission (JMC) early next year.
In addition, experts from both sides will have their first round of talks, which will establish a roadmap for the joint ministerial commission meeting.
The delegations noted that the two nations share a special partnership based on the mutual values of pluralist parliamentary democracies, expanding strategic economic engagement and longstanding people-to-people ties.
The meeting ended with both sides acknowledging the need to redefine their economic relationship by exploring opportunities in trade and investment.
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