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India, Australia agree to exchange monthly import data under preferential terms
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
During the first JCM under the India-Australia ECTA, both countries agreed to collaborate closely on projects, resolve market access issues promptly, and establish an institutional framework for sharing preferential import data.
During the first Joint Committee Meeting (JCM) under the India-Australia Economic Co-operation and Trade Agreement (ECTA), both countries have agreed to several key initiatives.
These include working closely on collaborative projects, ensuring timely resolution of market access issues, deepening people-to-people contacts.
They have also committed to creating an institutional mechanism for sharing preferential import data and exploring innovative areas to ensure the successful completion of the ongoing Comprehensive Economic Cooperation Agreement (CECA) negotiations.
Commerce Secretary Sunil Barthwal led an Indian delegation that convened with Australian counterparts, led by Deputy Secretary George Mina from the Department of Foreign Affairs and Trade (DFAT) in Canberra.
The delegation also engaged with businesses in Sydney and Melbourne. The aim was to strengthen the existing economic ties between the two democracies.
During the JCM, the Rules of Procedure for the Joint Committee were adopted. An innovative institutional mechanism, the first of its kind for FTAs, was also established for the exchange of preferential import data on monthly basis.
The meeting also addressed certain critical services issues, such as India’s request for cross-border e-payment facilitation and mutual recognition agreements in professions like nursing and dentistry.
India reiterated its commitment to align with the UK-Australia Free Trade Agreement by removing the remove the ENT/LMT requirement.
Discussions also centred on enhancing the mobility of healthcare workers between the two nations to promote telemedicine.
While both sides agreed to expand the benefits from trade complementarities, expertise, and unexplored potential in both economies; the meeting delved into various implementation issues of the ECTA.
These included discussions on mutual recognition agreements (MRAs) on organic products, market access challenges for specific products like okra, pomegranate, grapes, cottage cheese, macadamia nuts, lentils, and avocados, and issues related to tariff quota (TRQ) administration and pharmaceutical pricing control in Australia, particularly concerning generics.
The meeting addressed progress made by the working group on Whisky and Wine, aiming to tackle regulatory hurdles, outcomes of ECTA sub-committee meetings, and areas of mutual interest such as coastal tourism, critical minerals, and collaboration towards establishing Disease-Free Zones for shrimps and prawns in India.
Brief discussions were also held on an integrated approach for the forthcoming CEO forum event, with a focus on promoting investments, particularly in startups.
The JCM intends to serve as a vital platform for both the nations to further strengthening of trade ties and exploration of new opportunities for bilateral economic cooperation in areas like trade facilitation, investment promotion as well as cooperation in other areas including support for technology.
Australia is an important trading partner of India in Oceania region with merchandise trade between India and Australia reaching around $24 billion in 2023-24, signaling significant potential for further growth.
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