India and Australia have recently held discussions to strengthen their cooperation on various fronts, including critical minerals, pharmaceutical pricing, and shrimp farming. The talks took place during the first Joint Committee Meeting (JCM) in Canberra under the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA).
One of the key issues discussed was the establishment of disease-free zones for shrimps and prawns in India, highlighting the importance of closer collaboration in agricultural practices. Additionally, both countries addressed critical services issues, such as cross-border e-payments facilitation and mutual recognition of qualifications in professions like nursing and dentistry.
India and Australia are exploring joint investments to develop new supply chains focused on critical minerals processed in Australia. These minerals play a crucial role in hi-tech products like electric vehicles and smartphones. By building alternative supply chains, the two nations aim to reduce dependence on China, which currently holds a near-monopoly on critical minerals.
The discussions also touched upon the smooth implementation of the Economic Cooperation and Trade Agreement (ECTA) between India and Australia, which came into effect in December 2022. Both sides elaborated on implementation issues and progress made in various sectors, including market access for agricultural products and pharmaceutical pricing control.
Furthermore, India and Australia discussed World Trade Organization (WTO) matters, including the importance of resolving issues like public stock holding (PSH) and domestic support for services. Australia sought India’s support for a plurilateral arrangement on domestic support for services, emphasizing the need for ongoing dialogue and cooperation between the two countries.
In conclusion, the discussions between India and Australia signify their commitment to strengthening economic cooperation and trade relations. By addressing key challenges and exploring new opportunities, both nations aim to foster mutual growth and development across various sectors.
