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Saturday, February 24, 2024

Australia, India agree on strengthening economic, defence ties

Last year, the two countries signed a free trade deal called the Economic Cooperation and Trade Agreement (ECTA), the first signed by India with a developed country in a decade.

Australian Prime Minister Anthony Albanese and his Indian counterpart Narendra Modi pledged greater defence and economic ties on Friday after a diplomatic tour where the leaders bonded over their countries’ shared love of cricket.

Last year, the two countries signed a free trade deal called the Economic Cooperation and Trade Agreement (ECTA), the first signed by India with a developed country in a decade.

However, a much larger Comprehensive Economic Cooperation Agreement (CECA) has been stuck in negotiations for over a decade. Discussions between the countries restarted in 2011 but were suspended in 2016 as the talks were gridlocked.

Read more: Australia to buy 4-5 Virginia class submarines under AUKUS

Negotiations resumed in 2021 but a deal has yet proved to be elusive.