Decline in bilateral trade between India & Australia could be addressed by signing CECA at the earliest, says Modi
Updated: Sep 06, 2014 02:15:31pm
New Delhi, Sept 6 (KNN) Expressing concern over the decline in bilateral trade between India and Australia, Prime Minister Narendra Modi said that this could be addressed by signing the pending Comprehensive Economic Cooperation Agreement (CECA) at the earliest.
Inviting Australian investments into India, Modi said, “We are concerned about the decline in bilateral trade in the last two years”.
During a joint press briefing with Australian Prime Minister Tony Abbott, Modi said that this could be addressed by signing the pending Comprehensive Economic Cooperation Agreement (CECA) at the earliest.
“We have committed to an early conclusion of the Comprehensive Economic Cooperation Agreement,” Modi said.
On the other hand, Abbott, who concluded his two-day visit to India on Friday, said CCEA should be completed by 2016. The negotiations for this deal started in 2011.
Austalian Prime Minister Tony Abbott said his country looked forward to partnering India in energy, agriculture, education and skill development sectors.
India has been demanding for a liberal visa regime for its professionals in Australia, while the Australia had been urging India to grant duty-free access for Australian dairy products.
Both sides also agreed to boost cooperation in sectors such as infrastructure, resources, agriculture, manufacturing, health and education.
“The Prime Ministers agreed there was significant scope to boost investment and collaboration in both directions in infrastructure, resources, agriculture, manufacturing, health, education and other sectors to increase efficiencies, introduce new technologies and develop innovation and skills,” according to a joint statement issued on the State Visit of Prime Minister of Australia to India by PMO.
They further noted the expanding bilateral dialogue on economic policy, including in areas such as taxation, competition, financial sector regulation and infrastructure.
While addressing to the industry leaders at a meet jointly organised by CII and FICCI earlier yesterday, Abbott expressed hope that the proposed free trade agreement (FTA) between the countries will be concluded by 2016.
“Australia is open for business. Both India and Australia want to boost two-way trade and investment and I hope that the Comprehensive Economic Partnership Agreement negotiations between our two countries will be concluded, at the latest, by the end of 2016,” Abbott said.
Two-way trade between Australia and India was only USD15 billion (2012-13) and Indian investment in Australia is well under USD 20 billion.
In her address Commerce and Industry Minister Nirmala Sitharaman said that trade and investment between the two countries was low.
“While India has invested over USD 1 billion in Australia in the last 10 years, Australian FDI in India stood at only USD 600 million during the last 14 years,” Sitharaman said.
On visa, the Australian Prime Minister said that his government is streamlining student and working visa arrangements to make it easier for Indians to study and to work in Australia. (KNN/SD)
Inviting Australian investments into India, Modi said, “We are concerned about the decline in bilateral trade in the last two years”.
During a joint press briefing with Australian Prime Minister Tony Abbott, Modi said that this could be addressed by signing the pending Comprehensive Economic Cooperation Agreement (CECA) at the earliest.
“We have committed to an early conclusion of the Comprehensive Economic Cooperation Agreement,” Modi said.
On the other hand, Abbott, who concluded his two-day visit to India on Friday, said CCEA should be completed by 2016. The negotiations for this deal started in 2011.
Austalian Prime Minister Tony Abbott said his country looked forward to partnering India in energy, agriculture, education and skill development sectors.
India has been demanding for a liberal visa regime for its professionals in Australia, while the Australia had been urging India to grant duty-free access for Australian dairy products.
Both sides also agreed to boost cooperation in sectors such as infrastructure, resources, agriculture, manufacturing, health and education.
“The Prime Ministers agreed there was significant scope to boost investment and collaboration in both directions in infrastructure, resources, agriculture, manufacturing, health, education and other sectors to increase efficiencies, introduce new technologies and develop innovation and skills,” according to a joint statement issued on the State Visit of Prime Minister of Australia to India by PMO.
They further noted the expanding bilateral dialogue on economic policy, including in areas such as taxation, competition, financial sector regulation and infrastructure.
While addressing to the industry leaders at a meet jointly organised by CII and FICCI earlier yesterday, Abbott expressed hope that the proposed free trade agreement (FTA) between the countries will be concluded by 2016.
“Australia is open for business. Both India and Australia want to boost two-way trade and investment and I hope that the Comprehensive Economic Partnership Agreement negotiations between our two countries will be concluded, at the latest, by the end of 2016,” Abbott said.
Two-way trade between Australia and India was only USD15 billion (2012-13) and Indian investment in Australia is well under USD 20 billion.
In her address Commerce and Industry Minister Nirmala Sitharaman said that trade and investment between the two countries was low.
“While India has invested over USD 1 billion in Australia in the last 10 years, Australian FDI in India stood at only USD 600 million during the last 14 years,” Sitharaman said.
On visa, the Australian Prime Minister said that his government is streamlining student and working visa arrangements to make it easier for Indians to study and to work in Australia. (KNN/SD)
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