In a bid to speed up bilateral talks for a complete free commerce deal, India and Australia have agreed to alternate month-to-month information on preferential imports below the interim commerce pact that got here into pressure in late December 2022, whilst negotiations for a commerce take care of the UK at the moment are at a sophisticated stage.
An settlement to share import information between India and Australia, the primary such association below India’s free commerce agreements (FTAs) to date, was reached late final month, Commerce Ministry officers stated. While the 2 sides are within the midst of negotiations for a Comprehensive Economic Co-operation Agreement (CECA), India’s exports to Australia rose 14% in monetary yr 2023-24 to virtually $8 billion.
On the US authorities’s determination to hike tariffs on a slew of imports from China, together with electrical autos (EVs), EV batteries, semiconductors and photo voltaic cells and medical gear, officers stated it might be speculative to imagine that this might lead to such items being dumped in India.
“We don’t see any need to worry and we already have an institutional anti-dumping mechanism in place to deal with such eventualities,” a senior official stated, stressing that each one nations, together with the US, need to cut back their dependence on China for necessary sectors.
Source: www.thehindu.com
