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India, Australia to resume CECA talks


India and Australia plan to resume negotiations to renew the Comprehensive Economic Cooperative Agreement (CECA). As per Apparel Resources, the agreement will boost India’s apparel exports to Australia by $500 million. Besides having preferential agreements with China and Vietnam, Australia also gives GSP benefits to Bangladesh, resulting in a 5 per cent duty advantage for these countries vis-à-vis India.

In fiscal 2021, India’s exports to Australia had been priced at $4.04 billion, while imports were priced at 8.24 billion. Australia imports around $6.6 billion worth of apparels from across the globe. However, India’s share in these imports is just 1.2 per cent. The resumption of trade talks is likely to boost these figures. .

Last month, EU and India had agreed to restart the free trade agreement to strengthen the economic cooperation especially amidst the fast growing influence of China. On India’s production-linked incentive scheme geared towards strengthening manufacturing within the nation, Tim White, Commerce and Funding Commissioner, Australia, said the deal might boost India’s infrastructure sector.