India, Australia for equitable, comprehensive CECA

NEW DELHI: Welcoming the ongoing progress in negotiations for the proposed free trade pact between India and Australia, Prime Ministers of both the countries renewed their commitment for achieving an equitable, comprehensive and high-quality agreement.

The two countries have started negotiations for a Comprehensive Economic Cooperation Agreement ( CECA) last year. The pact is aimed at liberalising trade in goods and services, besides boosting investments.

"The Prime Ministers welcomed the progress towards a CECA to facilitate greater trade and investment links. They renewed the commitment of both countries for achieving an equitable, comprehensive and high-quality agreement," a joint statement issued after the meeting of Prime Minister Manmohan Singh and Australian Prime Minister Julia Gillard.

Both the Prime Ministers noted that trade must expand for mutual benefit and boost economic growth in both the countries, the statement said.

The two sides also agreed for more regular engagement and dialogue between the Finance Ministries of India and Australia.

"The Prime Ministers noted the potential to further develop and diversify commercial relations and that this would be supported by the conclusion of the MoU on cooperation and mutual administrative assistance in customs matters which would enable effective enforcement of customs laws and facilitate legitimate trade," the statement said.

Underlining the importance of greater connectivity to support growing commercial and cultural ties, including in the education and tourism sectors, the Prime Ministers welcomed the announcement that Air India would commence direct flights to Australia by the first quarter of 2013.

The two sides have aimed at doubling the bilateral trade to $ 40 billion by 2015 from the current $ 21 billion.