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New Delhi [India]March 10 (ANI): Australia’s Prime Minister Anthony Albanese said on Friday that India and Australia were working towards a comprehensive economic cooperation agreement, stressing that people-to-people ties have always been a part of the relationship between the two countries. Foundation.
The Australian prime minister further said he hoped the deal could be finalized this year.
Speaking at a joint news conference with Prime Minister Modi following bilateral-level talks at the Hyderabad Palace earlier this morning, Albanese said Australia’s relationship with India was multifaceted.
Albanese said that the high-level exchanges between the two countries have further strengthened cooperation in various fields.
“I look forward to hosting Prime Minister Modi in Australia for the Quad Leaders Summit in May before returning to India for the G20 Leaders Summit in September. Frequent high-level content between Australia and India has further strengthened cooperation in a range of areas, including Trade and investment, climate and energy, defense and security, and the relationship between our two peoples.”
Last year, the two countries signed a free trade agreement called the Economic Cooperation and Trade Agreement.
The bilateral trade volume between the two countries in 2021-22 will be nearly 27 billion US dollars. By 2035, the bilateral trade volume is expected to exceed 4.5 to 50 billion US dollars.
The Prime Minister of Australia is currently on an official visit to India from 8-11 March. At the first annual India-Australia summit here today, both countries pledged to further deepen their comprehensive strategic partnership. The two countries exchanged a memorandum of understanding on cooperation in sports and audiovisual co-productions.
India and Australia also exchanged terms of reference for the India-Australia Solar Working Group, a letter of intent between the Atal Innovation Mission and the Commonwealth Scientific and Industrial Research Organisation.
At today’s joint news conference, Albanese said Australia had also agreed to strengthen its defense partnership with India.
“We agreed to reach our ambitious comprehensive economic cooperation agreement as soon as possible. I hope we can get it done this year,” he said.
He further said that CECA will open up new job opportunities for both countries.
“CECA will open up new jobs for both countries. We will finalize this year and hope to conclude CECA early. Under the trade agreement that the two countries signed last year, Australia has removed tariffs on 85% of goods exported to India,” he said.
India is negotiating a Comprehensive Economic Cooperation Agreement (CECA) with Australia covering Trade in goods, trade in services, investment and related issues.
There have been five rounds of India-Australia CECA negotiations so far. The first round was held in July 2011 and the last, round 5, was held in Canberra in May 2013.
India and Australia have a longstanding relationship characterized by shared values of democracy, multiculturalism, economic opportunity and most importantly a vibrant diaspora and strong people-to-people ties. Both countries value free and open societies, respect for human rights and the rule of law.
India is Australia’s ninth largest trading partner in the current financial year (2022). Major exports to Australia include petroleum products, textiles and clothing, engineered products, leather, pearls, machinery, steel, and gems and jewellery. Major imports include food, dyeing extracts, chemicals, wool, minerals and gemstones.
“We discussed a potential agreement to support green projects, solar and hydrogen cooperation, which is critical to achieving energy goals. Cooperation between the two countries on trade, investment, defense, security, climate and energy is strengthened,” Albanese explain.
The two prime ministers discussed Australia’s Malabar exercise, which will be held this year.
“We also discussed Exercise Malabar, which Australia is honored to host this year,” said Prime Minister Albanese, who said he was keen to further expand the presence of Australian universities in India.
“I welcome the significant and ambitious progress under the defense and security pillar of our relationship,” he added. India and Australia also signed a memorandum of understanding on sports and audiovisual co-production agreements, as well as terms of reference for the solar task force.
Earlier, Australian Prime Minister Albanese told a ceremonial reception at the Indian presidential palace ahead of talks with Prime Minister Narendra Modi that India and Australia are good friends and the partnership is being strengthened every day.
Australian Prime Minister Albanese said: “I thank Prime Minister Modi for his very, generous and warm welcome here. Australia and India are good friends. We are partners and we are strengthening this partnership every day.” A delegation of important business leaders. We want to work with India to build relationships in the areas of culture, economic relations and security,” he said.
Albanese further stated that the two countries are working together to create a better world as both cricket teams compete to be the best in the world. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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