Australian superannuation funds visit India

India and Australia have agreed to enhancing bilateral trade and investment through revival of the bilateral Comprehensive Economic Cooperation Agreement (CECA) negotiations.

This was agreed at the 16th Session of the Joint Ministerial Commission (JMC) between India and Australia in Delhi on 24 Feb 2020.

The two sides have agreed to:

harmonise standards and regulations on important products;

work on market access issues in both directions to increase trade;

work on mutual recognition of educational qualifications of the two countries;

Continue collaboration to encourage increased direct flights between Australia and India.

The JMC was co-chaired by Piyush Goyal, Minister of Commerce and Industry, and Senator Simon Birmingham, Australia’s Minister for Trade, Tourism and Investment.

The session was attended by officials from Departments of Commerce, Revenue, Agriculture, Fisheries, Department of Promotion of Industry and Internal Trade (DPIIT) and Ministry of External Affairs on the Indian side.

The delegation from Australia included officials from the Department of Foreign Affairs and Trade, Austrade, Export Finance Australia and Australian High Commission.

The two sides acknowledged the considerable growth in the India-Australia economic relationship in strategic, trade and people-to-people links since the last Joint Ministerial Commission in June 2018.

Both sides welcomed efforts to elevate the bilateral economic relationship.

On two-way investment, both sides noted the visits by three delegations of Australian superannuation funds over the previous year. They agreed to continue to work together to foster awareness of the opportunities in India among Australian investors.

Both sides reflected on the important role the private sector played in building the bilateral economic relationship, said Commerce and Industry Ministry on 25 Feb 2020.

India welcomed the Australia-India Business Exchange program, including the delegation of over 100 Australian businesses accompanying Minister Birmingham to India.

The business delegation is exploring opportunities in education, food and health and beauty, resources, and infrastructure.

India has raised the issue of taxing of offshore income of Indian firms through the use of India-Australia Double Tax Avoidance Agreement (DTAA) and sought early resolution of the issue. Both sides agreed to intensify discussions, said the Ministry. fiinews.com

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