26th September 2024 (11 Topics)
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India-Australia Comprehensive Economic Cooperation Agreement (CECA)
Context
Australia is actively negotiating a Comprehensive Economic Cooperation Agreement (CECA) with India.
What is CECA?
- A CECA is a free-trade agreement between two countries that strengthens their bilateral trade.
- A free trade agreement is an arrangement between two or more countries where they agree either to end or reduce customs duties on the maximum number of goods traded between them, besides cutting down non-trade barriers on a significant value of imports from partner countries and easing norms to promote services exports and bilateral investments.
- It promotes bilateral trade and investment between the two countries.
- It eliminates tariffs on goods traded and liberalises services sectors to facilitate great business opportunities and cooperation between Singapore and India.
India-Australia Trade Relations
- Australia is an important trade and strategic partner of India.
- India is one of Australia’s largest trading partners, with two-way trade in goods valued at over USD 6.7 billion in 2023-24.
- Bilateral trade between both sides, including goods and services, stood close to USD 50 billion at the end of calendar year 2023.
- Both the countries are part of the Indo Pacific Economic Forum for Prosperity (IPEF) and Trilateral Supply Chain Resilience Initiative (SCRI).
- The Australia-India Economic Cooperation and Trade Agreement (ECTA), which came into effect in December 2022, has led to about USD 30 billion worth of Australian exports entering India tariff-free, with Australians saving around USD 225 million on goods from India.
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