{"id":30027,"date":"2024-09-26T18:18:51","date_gmt":"2024-09-26T12:48:51","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=30027"},"modified":"2024-09-26T18:18:52","modified_gmt":"2024-09-26T12:48:52","slug":"india-australia-push-forward-on-ceca-talks","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/26-09-2024\/india-australia-push-forward-on-ceca-talks","title":{"rendered":"India, Australia Push Forward on CECA Talks"},"content":{"rendered":"\n<p><strong>Syllabus: GS3\/Economy\/GS2\/IR<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Context<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>India and Australia are in talks for a <strong>Comprehensive Economic Cooperation Agreement (CECA),<\/strong> after already having signed the<strong> Economic Cooperation and Trade Agreement (ECTA) in 2022.<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>About<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The talks focused on<strong> strengthening trade ties<\/strong> to achieve the countries\u2019 shared goal of <strong>$100 billion in bilateral trade by 2030.<\/strong><\/li>\n\n\n\n<li>The ECTA, which came into effect in 2022, has led to about <strong>$30 billion worth <\/strong>of Australian exports entering India tariff-free, with Australians saving around $225 million on goods from India.<\/li>\n\n\n\n<li>India is one of Australia\u2019s largest trading partners, with two-way trade in goods valued at over<strong> $6.7 billion in 2023-24.<\/strong>\n<ul class=\"wp-block-list\">\n<li>Bilateral trade between both sides, including goods and services, stood <strong>close to $50 billion<\/strong> at the end of calendar year 2023.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>About CECA<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is a <strong>free-trade agreement <\/strong>between two countries that strengthens their bilateral trade.<\/li>\n\n\n\n<li>Australia and India first embarked on negotiations for a CECA in <strong>2011<\/strong>.<\/li>\n\n\n\n<li>Talks were suspended in 2016. In 2021, the two countries formally revived the CECA talks.<\/li>\n\n\n\n<li>Both countries are looking to expand their trade ties under CECA, to cover <strong>sectors <\/strong>like goods, services, rules of origin, government procurement, digital trade, and agri-technology.\n<ul class=\"wp-block-list\">\n<li>It also aims to unlock the potential of sectors such as clean energy, agribusiness, education, skills development, and tourism.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Objectives:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Trade Liberalization: <\/strong>Reduce tariffs and non-tariff barriers to promote bilateral trade.<\/li>\n\n\n\n<li><strong>Investment Facilitation:<\/strong> Encourage mutual investments and provide a framework for better investment protection.<\/li>\n\n\n\n<li><strong>Service Sector Expansion:<\/strong> Enhance cooperation in services, including education, healthcare, and professional services.<\/li>\n\n\n\n<li><strong>Technological Collaboration: <\/strong>Foster innovation and technology exchange, especially in sectors like renewable energy and digital economy.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Significance:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Economic Growth:<\/strong> Boost in GDP growth for both nations through increased trade volumes.<\/li>\n\n\n\n<li><strong>Job Creation: <\/strong>Expansion of employment opportunities in various sectors.<\/li>\n\n\n\n<li><strong>Market Access:<\/strong> Providing Australian businesses better access to the Indian market and vice versa.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Way Ahead<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The relationship between Australia and India has <strong>developed rapidly in recent years<\/strong>, particularly under the impetus of India\u2019s far-reaching process of economic reform and the resulting <strong>rapid globalization of the Indian economy.<\/strong>\u00a0<\/li>\n\n\n\n<li>Both countries have grown in strength and importance and made rapid strides in all areas &#8211; <strong>trade, energy and mining, science &amp; technology, information technology, education, and defence.\u00a0<\/strong><\/li>\n\n\n\n<li>The year 2022-23 saw<strong> increasing depth and breadth of engagements i<\/strong>ncluding establishing new mechanisms for cooperation.\u00a0<\/li>\n\n\n\n<li>In the coming years, the overall relationship between India and Australia will <strong>continue to grow and has the potential to assume greater prominence.<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.thehindu.com\/business\/Economy\/india-australia-push-forward-on-ceca-talks\/article68682903.ece\" target=\"_blank\" rel=\"noopener\"><strong>TH<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India and Australia are in talks for a Comprehensive Economic Cooperation Agreement (CECA), after already having signed the Economic Cooperation and Trade Agreement (ECTA) in 2022.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-30027","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/30027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=30027"}],"version-history":[{"count":1,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/30027\/revisions"}],"predecessor-version":[{"id":30028,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/30027\/revisions\/30028"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=30027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=30027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=30027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}