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.
