Fast-Tracking Free Trade: India and Australia's Race Against Time

India is pushing to finalize a free trade agreement with Australia within two months to resolve sensitive issues before Australia's next election. Efforts are underway to expand the India-Australia Economic Cooperation and Trade Agreement, benefiting businesses as trade tops USD 24 billion.

In an effort to finalize a free trade agreement, India is accelerating negotiations with Australia, aiming for resolution within the next two months. The urgency stems from the impending Australian elections next year, which could delay the talks if not completed in time, according to a senior official.

The eleventh round of negotiations between the two countries is expected next month. Officials are working on enhancing the scope of the current India-Australia Economic Cooperation and Trade Agreement (AI-ECTA), effective since December 2022, to a more comprehensive economic cooperation agreement.

With more than 80% utilization of the agreement, businesses on both sides continue to benefit from robust trade relations, pegged at approximately USD 24 billion for 2023-24. India's exports to Australia and imports from Australia have been substantial, showcasing the importance of the partnership in the Oceania region.

(With inputs from agencies.)