India-Australia interim FTA

India-Australia interim FTA

Part of: Prelims and GS II – International Relations

Context India and Australia are expected to complete negotiations for an interim free trade agreement (FTA) soon.

Key takeaways 

• The agreement is aimed at boosting economic ties between the two countries.
• The final agreement, officially known as the Comprehensive Economic Cooperation Agreement (CECA), is expected to be completed by the end of 2022.
• The pact covers areas such as goods, services, investment, rules of origin, customs facilitation, legal and institutional issues.
• A similar agreement with the UAE is likely to be signed in March 2022.
• This new strategic economic agreement is expected to increase bilateral trade in goods to $100 billion within five years of the signed agreement and increase trade in services to $15 billion.