Context:
India-Australia Comprehensive Trade Agreement Talks Might Get Prolonged
Key Highlights:
- Subsequently, 10 rounds of talks have happened during which considerable advancements have been made in many facets of the agreement.
- There is a temporary trade agreement, India and Australia have known it for now two years – it is known to as the Economic Cooperation and Trade Agreement (ECTA).
- It was the first Free Trade Agreement (FTA) that India has signed with a major developed country in in a decade.
Indian-Australian Cooperation and Trade Economic Agreement (CECA)
- CECA will cover a far broader horizon of bilateral trade than what is covered under the limited India-Australia Economic Cooperation and Trade Agreement (ECTA).
- CECA was launched in May 2011 and suspended in 2016, it was relaunched in 2021 to take bilateral trade further.
- CECA Focus:
- goods, services, digital trade, government procurement, and Rules of Origin/Product Specific Rules Schedule.
- Typical new areas of interest include competition policy MSMEs, innovation, agri-tech, critical minerals and sports.
