Foreign Policy Watch: India-Australia

[pib] India-Australia CCEA Stocktake

Note4Students

From UPSC perspective, the following things are important :

Prelims level: CCEA, ECTA

Why in the News?

A stocktake visit for the India-Australia Comprehensive Economic Cooperation Agreement (CECA) recently concluded in New Delhi.

Key Takeaways from the Meet

  • The discussions covered a wide range of critical aspects of the CECA, including:
    • Trade in goods and services
    • Mobility and agri-tech cooperation
    • Market access modalities that align with India’s food security objectives.
  • Both sides emphasized their shared commitment to ensuring that the CECA produces meaningful benefits and delivers a balanced outcome for both nations.
  • The discussions have opened up pathways for enhanced collaboration in areas such as agricultural innovation, market access, and supply chain resilience.

About India-Australia CCEA Negotiations:

  • CECA is a comprehensive trade agreement between India and Australia.
    • More comprehensive than the earlier India-Australia Economic Cooperation and Trade Agreement (ECTA) , which is a limited trade agreement in force since December 2022.
  • Negotiations for CECA began in May 2011, suspended in 2016, and re-launched in 2021 after concluding the ECTA.
  • So far 10 rounds of negotiations have taken place.

Key Features of CECA:

  • Covers goods, services, digital trade, government procurement, and Rules of Origin/Product-Specific Rules Schedule.
  • New areas: competition policy, MSMEs, innovation, agri-tech, critical minerals, sports.

India-AU Trade Statistics:

  • 2023-24:
    • India’s imports from Australia fell by 15% to USD 16.15 billion.
    • India’s exports to Australia rose by 14.23% to USD 7.94 billion.

Australia is India’s 13th largest export destination and 14th largest import source.

 

PYQ:

[2017] ‘Broad-based Trade and Investment Agreement (BTIA)’ is sometimes seen in the news in the context of negotiations held between India and:

(a) European Union
(b) Gulf Cooperation Council
(c) Organization for Economic Cooperation and Development
(d) Shanghai Cooperation Organization

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