| Date: |
26-02-2016 |
| Subject: |
India-Australia trade agreement expected to be finalised in 6 months: Official |
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HYDERABAD: The Comprehensive Economic Cooperation Agreement (CECA) between India and Australia is likely to be finalised in the next six months, a senior official said today.
"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," Amanda Hodges, Senior Trade Commissioner of Australian Trade Commission, said at a media briefing here.
The talks for CECA, or Free Trade Agreement ( FTA), between India and Australia started in 2011 to boost bilateral trade and investment.
Both sides were expecting to conclude negotiations by December last year, but there were differences in areas like duty cut on dairy products and wines.
Several rounds of negotiations have been completed for liberalising trade and services regime, besides removing non-tariff barriers and encouraging investments.
Replying to a query, Hodges said at the moment, six of the top Indian IT companies have made significant investments in Australia.
She said Indian IT firms have an opportunity to partner with Australian research institutions and technology companies for process improvements and developing new products.
"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," she said.
Australian government's National Innovation and Science Agenda is in the process of establishing "landing pads" in some global innovation hubs.
Landing pads are operational physical spaces in which Australian market-ready startups can access entrepreneurial talent, mentors, investors and a wider-connected network of innovation hubs.
She said two landing pads have been established, one each in San Francisco and Tel Aviv.
However, Hodges did not spell out clearly whether a landing pad will be established in India.
Source : economictimes.indiatimes.com
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