Farrell says DTAA issues have been tabled in Parliament
Early implementation of the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) is in the best interest of both the countries, Commerce and Industry Minister Piyush Goyal and Australian Trade and Tourism Minister Don Farrell have agreed.
Both the Minister have discussed the status of ratification of IndAus ECTA for its early implementation and deliberated upon way forward for a comprehensive IndAus ECTA.
During the meeting, the Ministerial led delegations from both countries reviewed and appreciated the progress made in ratification of the IndAus ECTA, which was signed on 22nd April, 2022.
Farrell informed that the IndAus ECTA as well as the amendments to the domestic regulation of Australia for resolving the issues related to Double Taxation Avoidance Agreement (DTAA) had been introduced in the Australia Parliament. It is likely to be ratified shortly after the Joint Standing Committee on Treaty submits its report to the Australian Parliament.
He further mentioned that the processes related to the ratification of the agreement will be completed in the following weeks.
Both sides acknowledged the importance of initiating discussions for the comprehensive IndAus ECTA, as agreed under IndAus ECTA signed on 2 April 2022.
The Ministers agreed to hold the annual Joint Ministerial Commission (JMC) meeting sometime early next year.
In the meantime, experts from both the sides will have their first round of discussions, which will lay a roadmap for the Joint Ministerial Commission meeting.
Delegations noted that both nations share a special partnership based on mutual values of pluralistic parliamentary democracies, expanding economic strategic engagement and long-standing people to people ties, the Commerce and Industry Ministry said in a release on 1 Nov 2022.
The meeting concluded with both the parties acknowledging the need to redefine their economic relations exploring the opportunities offered in trade and investment. fiinews.com
