Australia and India schedule trade talks in the coming weeks
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The news: Trade Minister Don Farrell said that Australia and India will meet for more trade talks in the coming few weeks, just days after Australia inked a long-awaited free-trade agreement with the European Union.
The context: Speaking at the National Press Club on Monday, Farrell said: “We’re going to have another crack at India in the next few weeks…We’re still talking with India about a fresh agreement.”
Farrell also observed that since Australia’s 2022 deal, trade with India has climbed 17%, “giving more Australian exporters access to the world’s largest country by population which is experiencing the rapid expansion of a middle class primed to enjoy the best of Australia’s agricultural exports.”
“India represents great opportunities. They have the ambition that by 2030, 900 million Indians will be in what they define as the middle class,” Farrell said. “What do we know about people when their incomes rise? Well, they want better food and better wine. So here’s a wonderful opportunity.”
Farrell said that India is motivated to reach a deal, but reaching an agreement is not guaranteed. “It’ll be step by step. We’re not going to get a big bang agreement...We’ll make progress.”
The minister took the opportunity to promote Australia’s recent FTA with the European Union, noting that the “once in a generation agreement with the world’s second largest economy” will be worth $10 billion for Australia and will open up access to a market of 450 million consumers across the EU.
The sources: Don Farrell Press Club Speech, Bloomberg, news.com.au
