India and Australia discuss early conclusion of interim trade deal

India and Australia are discussing the way forward for an early conclusion of the interim trade deal between the two nations.

Both the countries wanted to conclude an interim trade deal by Christmas.

Commerce and Industry Minister Piyush Goyal and Dan Tehan MP, Australia's minister for trade, tourism and investment, held a video conference earlier this week to expedite the bilateral Comprehensive Economic Cooperation Agreement (CECA).

Officials from both nations have been asked to expedite negotiations towards finalisation of the CECA.

"Both the ministers appreciated that bilateral trade talks have been very progressive and both the ministers have decided to deepen the engagement and directed the officials to speed up the negotiations to pave the way for a comprehensive agreement," an official statement said.

In the past, both nations had said they were looking to finalise a comprehensive trade deal by the end of 2022 and sign an early harvest agreement by December 25. Early harvest deal aims to cover areas of immediate interest by both nations.

The CECA is expected to cover goods, services, investments, government procurement, logistics, standards, and rules of origin.

"The ministers look forward to a balanced trade agreement that encourages benefit to both the economies and their people, and that reflects their shared commitment to a rules-based international trading system," the statement added.