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Good news ... India-Australia trade agreement is expected to be finalised within 6 months

Australia and India Source: Wikimedia (public domain)

The Comprehensive Economic Cooperation Agreement (CECA) between India and Australia is likely to be finalised within the next six months.

The talks for CECA, or Free Trade Agreement ( FTA), between India and Australia started in 2011 to boost bilateral trade and investment. 

Since then, both sides were expecting to conclude negotiations by December 2015 but there were some differences in areas like duty cut on dairy products and wines, etc. 

After several more rounds of negotiations on liberalising trade and services regime, removing non-tariff barriers and encouraging investments across borders, it looks like CECA will be finalised within the next six months.. 

 

Amanda Hodges, Senior Trade Commissioner of Australian Trade Commission, said at a media briefing in Hyderabad, India - "The CECA is under negotiation at the moment. We expect it to be concluded in the next six months. This is an important agreement for India and Australia." 

Australian government's National Innovation and Science Agenda is in the process of establishing "landing pads" for startups in some global innovation hubs so that they can access entrepreneurial talent, mentors and investors. 

Ms Hodges said - "Several Indian IT companies are already exploring opportunities to invest in Australian startups, commercialise Australian research and integrate novel Australian IT solutions into their supply chain."

Right now, six of the top Indian IT companies have made significant investments in Australia and it is expected to grow once CECA is signed.