India and Australia are trying to expedite negotiations on the Comprehensive Economic Cooperation Agreement (CEPA), a senior official said on October 16.
“There are sensitivities on both sides. We will be engaging over the next two months if they can be brought down,” said a person aware of the developments.
The development follows Commerce and Industry Minister Piyush Goyal’s visit to Australia last month.
The countries has signed the Economic Cooperation and Trade Agreement in April 2022, which came into force in December 2022.
“Key utilisation in ECTA is more than 80 percent, which is one of the highest among all FTAs,” said the person.
The ministry has also raised concerns around the review of its FTA with ASEAN countries, and has stressed on the tariff assymetries between India and other nations.
The ministry has been pushing to complete the review of ASEAN FTA by 2025.
The ministry is also looking at solutions around the shipping industry in terms of growing tensions in the Middle East. It has held one meeting with representatives of the shipping and container industry and the respective line ministries to look for long-term solutions.
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