NEW DELHI: India and Australia have agreed to boost their defence ties and accelerate a broader economic partnership, Australian Prime Minister Anthony Albanese said in New Delhi on Friday.
Last year the two countries signed a free trade deal, called the Economic Cooperation and Trade Agreement (ECTA), the first signed by India with a developed country in a decade.
However, a much larger Comprehensive Economic Cooperation Agreement (CECA) has been stuck in negotiations for over a decade. Discussions between the countries restarted in 2011, but were suspended in 2016 as the talks were gridlocked.
Negotiations resumed in 2021, but a deal has yet proved to be elusive.
“We also agreed on an early conclusion of our ambitious Comprehensive Economic Cooperation Agreement as soon as possible and I am hopeful that we will be able to finalise that this year,” Albanese, who is on a three-day visit to India, told reporters.
Bilateral trade between the countries was $27.5 billion in 2021 and India says trade has the potential to nearly double to $50bn in five years under the ECTA.
India and Australia are security partners through the Quad group, which also includes the United States and Japan.
Published in Dawn, March 11th, 2023
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