• Thursday, March 28, 2024

Business

Australian trade minister Dan Tehan in India next week

Australian trade minister Dan Tehan (Photo by Sam Mooy/Getty Images)

By: Shubham Ghosh

AUSTRALIAN trade minister Dan Tehan will reach India next week to explore possibilities of finalising an early harvest trade pace to be followed by a comprehensive economic cooperation agreement (CECA) in line with the overall policy approach by the two countries to ramp up their economic ties.

Tehan’s will also be the first ministerial visit from Australia after Canberra joined a new security alliance with the US and UK (AUKUS) that has triggered strong reactions from France (it lost a multi-billion dollar submarine deal) and fuelled speculations over its possible impact on Quad, a four-nation platform comprising India, Australia, the US and Japan.

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“While in India, I will seek to further advance our recent progress towards a free trade agreement, or what is called the Comprehensive Economic Cooperation Agreement, CECA,” Tehan said.

“Both countries are committed to achieving an early harvest announcement on an interim agreement to liberalise and deepen bilateral trade in goods and services, and pave the way for an early conclusion of a full CECA,” he added.

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Tehan, a Liberal Party member, said he and his Indian counterpart Piyush Goyal are seeking to make progress towards an “interim deadline”, describing India as a partner of Australia with a mutual interest in an open, inclusive and resilient Indo-Pacific.

“It’s an ambitious approach, and this meeting will be crucial, but it’s one that can be achieved if both sides are seeking a truly complementary agreement,” he said.
“We are working towards an agreement that aligns with our principles and encourages expanded trade and investment flows to the benefit of the economies and peoples of both countries,” the Australian minister, who will be coming to India from Indonesia, said.

It was only recently that two of Australia’s top ministers – foreign minister Marise Payne and defence minister Peter Dutton – came to India on a three-day visit – and held talks with their respective Indian counterparts.

“Two years from now, India, the world’s biggest democracy, is on track to become the world’s most populous nation. Backed by one million Indians turning 18 every month, rapid urbanisation and industrialisation, and a drive for technological innovation and digitisation, India’s economic story offers enormous promise,” Tehan said.
“We all have a stake in India’s success,” he added.

Tehan also said that the Narendra Modi government has begun promoting a free trade narrative and is seeking closer economic ties with like-minded nations, including Australia.

“For Australia, there are significant growth opportunities in critical minerals, infrastructure, energy, technology, agriculture, education and space,” he said.

The trade minister said emphasis will be given on these sectors in the Australian government’s soon-to-be-released update to the India Economic Strategy of Peter Varghese, a retired Australian diplomat and public servant.

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