November 18, 2023 – Good News! India and Australia are playing it commercially. Since last December, their trade gap has narrowed by 15%, all thanks to this Temporary Free Trade Agreement (FTA) signing.
India exports much of its goods – drugs, tools and metal scraps – to Australia. In response, Australia is relaxing coal shipments, perhaps because India’s weather is becoming more pleasant.
Commerce Secretary Sunil Barthwal is very excited about this. He says, “We’re shipping more drugs and equipment, hoping this good vibe will stick.”
But here’s the kicker. Money is also in the mix. In the first half of 2023, India channelled. 2 trillion AUD for investment, a positive leap from before. And get this – Australia returned a whopping 5 billion to India. It’s like hitting the jackpot in a money-changing game.
An even more extensive program called the Comprehensive Economic Cooperation and Partnership Agreement (CEPA) is being cooked up. Imagine it as the next chapter. They want to discuss money, ideas and online purchases to avoid deposits.
“This CEPA thing is going to shake things up for us trading with Australia,” Berthwall says.
Their goal is to start production in 2024, so we hold our breath and see where this entrepreneurial adventure takes us!
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