AUSTRALIA’S minister for trade and tourism, Dan Tehan, is travelling to India on 9 February to advance negotiations on a free trade agreement and promote Australia as a premium destination for students and tourists.
Mr Tehan will have several meetings with his Indian counterpart Piyush Goyal, to further negotiations on the India-Australia Comprehensive Economic Cooperation Agreement (CECA).
Mr Tehan said, “Mr Goyal and I have been in regular contact over the Christmas/New Year period because we are both committed to concluding an interim free trade agreement. Nothing can replace face-to-face meetings to help speed up the process in the interest of both countries.
“Australia and India are important trading partners, and we share a strong desire to further enhance our bilateral trade relationship.”
According to DFAT, two-way goods and services trade with India was $24.4 billion in 2020. Australia’s stock of investment in India was $15.4 billion in 2020 and the stock of two-way foreign direct investment was valued at $1.4 billion.
Mr Tehan said a free trade agreement with India would be a boon for Australian businesses, farmers and workers, creating new jobs and opportunities with one of the world’s largest and fastest developing economies.
“CECA is a potential game-changer in opening opportunities for both Australia and India. It is also an important piece of our post-COVID economic recovery,” he said.
Minister Tehan will also sign a memorandum of understanding on behalf of the Australian government with the Indian government to promote further travel and tourism between the two countries.
