India and Australia have recently agreed to share key import data in anticipation of a comprehensive free trade agreement (FTA). This development was announced during the Joint Committee Meeting (JCM) under the India-Australia Economic Cooperation and Trade Agreement (ECTA). Both countries are committed to creating an institutional mechanism for the regular exchange of preferential import data on a monthly basis (Press Information Bureau) (India Briefing).
Source:- India today
The agreement aims to enhance transparency and facilitate smoother trade relations by addressing market access issues and regulatory challenges. This initiative is part of broader efforts to deepen economic cooperation and integrate both economies more effectively. The data-sharing agreement is expected to support various sectors including agriculture, pharmaceuticals, technology, and critical minerals (Press Information Bureau) (Hindustan Times).
Source:- BBC news
This move aligns with the broader strategic partnership between India and Australia, which has seen significant growth in trade, with bilateral merchandise trade reaching approximately USD 24 billion in 2023-24. The enhanced data-sharing mechanism will likely pave the way for more efficient and mutually beneficial trade practices ahead of the finalization of the comprehensive FTA (Press Information Bureau) (India Briefing).
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