India-Australia trade deal expected to include lower tariffs and better market access: Piyush Goyal

India-Australia trade deal expected to include lower tariffs and better market access: Piyush Goyal

New Delhi, 12 Feb. (KNN) India and Australia were fair about understanding sensitive sectors in their respective countries, saying the interim trade deal is likely to avoid including these areas in the deal.

The tentative trade deal, or early harvest deal, is expected to be finalized within the next 30 days. A December 25 deadline had been set earlier, but the deal could not be finalized as the two countries were unable to iron out disagreements over market access issues.

Trade and Industry Minister Piyush Goyal said the two countries had had fruitful discussions and made significant progress on the early harvest agreement, which will be followed by a separate trade agreement whole.

The proposed deal is likely to include lower tariffs and better market access for Indian exporters in areas such as textiles, pharmaceuticals, footwear, leather, Goyal had said.

India has been reluctant to include sensitive sectors such as dairy and some agricultural products in the early harvest deal. Similarly, service exports are a sensitive area for Australia.

“The discussion took place with a lot of openness, a lot of concern about the sensitivities on both sides in specific areas where Australia may have sensitivities, India may have sensitivities, we accommodated each other, we respected each other’s sensitivities,” Goyal told reporters after the meeting. his Australian counterpart Dan Tehan.

Tehan is visiting Delhi to push forward negotiations on the trade deal.

The two ministers renewed a tourism cooperation pact. “It is my understanding that Australia and India are not only natural partners in terms of the strong bond between our governments, but that we complement each other in trade and services of goods in various ways,” Goyal told reporters. reporters here.

Tehan said the agreement between the two countries will be modern and go beyond traditional goods and services.

Goyal said India had very good talks regarding a trade deal with the UAE, which is at an advanced stage. “We hope to make an announcement soon,” he said.

After a series of successful talks with the UK last month, another round of talks will take place next month, after which the two countries hope to finalize an interim agreement by June.

Discussions with Canada for a Comprehensive Economic Partnership Agreement are also progressing.

The Canadian minister will visit India in March and we could engage with her for an interim agreement, Goyal said, adding that India is also in talks with Israel and the European Union.

Regarding India’s exit from RCEP, an Asian trading bloc backed by China, and Australia’s decision to join the deal, Tehan said whether it is RCEP or any other regional deal, Australia strongly believes that there should be trade rules established and followed in spirit. (KNN Office)

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