India and Australia have committed to formalising a Free Trade Agreement (FTA) between the two countries by the end of 2022, Australia’s minister for trade and investment, Dan Tehan told reporters on Thursday in New Delhi.

Tehan met his Indian counterpart, commerce and industry minister Piyush Goyal, along with a delegation led by the Australian High Commissioner to look at India and Australia’s economic partnership “with fresh eyes”, he said, adding that the current volume of trade between the two countries does not reflect the true extent of the economic partnership between the two countries.

The minister said dedicated teams will be set up by both sides to meet the commitment the two countries have made, with an attempt to finalise an interim agreement by Christmas this year. The countries will also put in their offers for an early harvest deal as soon as October.

Goyal said that there is a commitment from both sides to finalise the FTA in a time-bound manner, adding that pre-RCEP trade negotiations with Australia, which started in 2011 and had to be put on hold as both countries negotiated the agreement, saw a delayed resumption due to COVID-19.

(Edited by : Aditi Gautam)

First Published:Sept 30, 2021 9:13 PM IST