Why in the News?
A stocktake visit for the India-Australia Comprehensive Economic Cooperation Agreement (CECA) recently concluded in New Delhi.
Key Takeaways from the Meet
- The discussions covered a wide range of critical aspects of the CECA, including:
- Trade in goods and services
- Mobility and agri-tech cooperation
- Market access modalities that align with India’s food security objectives.
- Both sides emphasized their shared commitment to ensuring that the CECA produces meaningful benefits and delivers a balanced outcome for both nations.
- The discussions have opened up pathways for enhanced collaboration in areas such as agricultural innovation, market access, and supply chain resilience.
About India-Australia CCEA Negotiations:
- CECA is a comprehensive trade agreement between India and Australia.
- More comprehensive than the earlier India-Australia Economic Cooperation and Trade Agreement (ECTA) , which is a limited trade agreement in force since December 2022.
- Negotiations for CECA began in May 2011, suspended in 2016, and re-launched in 2021 after concluding the ECTA.
- So far 10 rounds of negotiations have taken place.
Key Features of CECA:
- Covers goods, services, digital trade, government procurement, and Rules of Origin/Product-Specific Rules Schedule.
- New areas: competition policy, MSMEs, innovation, agri-tech, critical minerals, sports.
India-AU Trade Statistics:
- 2023-24:
- India’s imports from Australia fell by 15% to USD 16.15 billion.
- India’s exports to Australia rose by 14.23% to USD 7.94 billion.
Australia is India’s 13th largest export destination and 14th largest import source. |
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PYQ:
[2017] ‘Broad-based Trade and Investment Agreement (BTIA)’ is sometimes seen in the news in the context of negotiations held between India and:
(a) European Union
(b) Gulf Cooperation Council
(c) Organization for Economic Cooperation and Development
(d) Shanghai Cooperation Organization |
