PM Modi, Tony Abbott discuss ways to boost bilateral trade, investment
Tony Abbott had served as the 28th Prime Minister of Australia from 2013 to 2015.
New Delhi, Aug 5 (UNI) Prime Minister Narendra Modi on Thursday met former Australian Prime Minister Tony Abbott during which the two discussed ways to strengthen bilateral trade, investment and economic cooperation to realize the full potential of the India-Australia Comprehensive Strategic Partnership.
Modi in a tweet said: “Delighted to meet @HonTonyAbbott, Special Envoy of PM@ScottMorrisonMP. Had a good conversation on ways to further strengthen our Comprehensive Strategic Partnership. Also discussed the steps needed to energize our trade and economic relationship and boost people-to-people ties.”
Abbott, who has been named the Australian Prime Minister’s Special Trade Envoy for India, arrived on Monday on a five-day India visit.
According to a statement, the two “emphasized that enhanced economic cooperation between India and Australia would help both countries better address the economic challenges emerging out of the Covid-19 pandemic, and would also help them in realising their shared vision of a stable, secure and prosperous Indo-Pacific region”.
Prime Minister Modi expressed his satisfaction at the stellar growth of India-Australia ties in recent times and admired the important contributions of Prime Minister Morrison and Former Prime Minister Abbott in this journey, it said.
During the talks, Modi recalled his Virtual Summit last year with Prime Minister Morrison and reiterated his desire to be able to host the Australian PM in India as soon as conditions permit. At the Leaders’ Virtual Summit held between Prime Minister Modi and Prime Minister Scott Morrison on 4 June 2020, the bilateral relationship was elevated to a Comprehensive Strategic Partnership, under which India and Australia committed, inter alia, to encourage expanded trade and investment flows for mutual benefit and decided to re-engage on a bilateral Comprehensive Economic Cooperation Agreement (CECA). The present visit by Tony Abbott is reflective of this shared ambition, the statement said.
India is negotiating with Australia a Comprehensive Economic Cooperation Agreement (CECA) covering trade in goods, services, investment and related issues.
Negotiations on the CECA, which were launched in May 2011, have been suspended since 2015 after nine rounds.
Australia’s new Minister for Trade Dan Tehan has flagged that a trade deal with India will be one of his top priorities.
Australia is keen to push trade negotiations with India and promote diversification of its exports markets in the wake of its souring political and economic ties with China. Relations between Canberra and Beijing have been on the decline since Australia called for a probe into the origins of the coronavirus and banned Huawei from building its 5G network. China has clamped down on Australian exports worth at least AU$20 billion (US$15.4 billion).
According to Australia’s Department of Foreign Affairs and Trade, trade in goods and services between Australia and India has grown in value from $13.6 billion in 2007 to $30.4 billion in 2018.