India Stands Firm On Dairy Protections In Trade Talks With Australia: Piyush Goyal

ENA Global 2024-09-26 17:05:24 New Delhi, Sep 26 (KNN) In a recent press conference in Adelaide, India's Commerce and Industry Minister Piyush Goyal emphasised the country's firm stance on protecting its dairy sector in international trade agreements. This declaration comes amidst ongoing negotiations for a Comprehensive Economic Cooperation Agreement (CECA) between India and Australia. Minister Goyal highlighted the sensitivity of India's dairy sector, citing the livelihood concerns of small farmers. He stated, Our average holding with the farmer is small. It is 2-3 acre farm with 3-4 livestock whereas Australia's farm and dairy farms are both very large. This disparity, according to Goyal, makes it near impossible for these large and small farms to compete with each other on a common footing. The minister affirmed that India has not granted duty concessions in the dairy sector in any of its Free Trade Agreements (FTAs) worldwide, including recent agreements with Switzerland and Norway under the European Free Trade Association (EFTA) pact signed in March. While dairy remains a protected sector, both India and Australia expressed optimism about expanding trade in other areas. Australian Trade Minister Don Farrell mentioned progress in negotiations regarding agricultural products such as chickpeas, pistachios, apples, and wine, seeking removal of existing tariffs. The bilateral trade between India and Australia stood at USD 24 billion in 2023-24, with both countries aiming to double this figure to USD 100 billion in the coming years. Minister Goyal announced plans to open an Invest India office in Sydney to promote bilateral investments. The office will focus on four key areas including, investment, trade, technology, and tourism. It will include representatives from various Indian organisations, including Invest India and the Confederation of Indian Industry (CII). In a move to strengthen bilateral ties, Minister Farrell announced a USD 10 million extension of the Maitri Grants program. This initiative will allocate funds to Australian organisations for projects enhancing trade, innovation, and cultural ties, as well as support Australian universities in hosting Indian students for research on shared challenges. As negotiations continue, both countries appear committed to expanding their economic partnership while respecting each other's sensitivities in certain sectors. (KNN Bureau) 39419 https://knnindia.co.in/news/newsdetails/global/india-stands-firm-on-dairy-protections-in-trade-talks-with-australia-piyush-goyal 2024-09-26 17:05:24 knnindia.co.in India Stands Firm On Dairy Protections In Trade Talks With Australia: Piyush Goyal