India and Australia are working to accelerate negotiations on the Comprehensive Economic Cooperation Agreement (CEPA). 

“There are sensitivities on both sides. We will be engaging over the next two months to see if they can be resolved,” said a source familiar with the developments.

This comes after Commerce and Industry Minister Piyush Goyal’s visit to Australia last month. The two countries signed the Economic Cooperation and Trade Agreement (ECTA) in April 2022, which took effect in December 2022. 

“Key utilisation of ECTA is over 80%, one of the highest among all FTAs,” noted the source.

Additionally, the ministry has raised concerns regarding the review of India’s Free Trade Agreement (FTA) with ASEAN nations, focusing on tariff asymmetries between India and other countries. The ministry aims to complete the ASEAN FTA review by 2025.

Amid rising tensions in the Middle East, the ministry is also exploring solutions for the shipping industry. It has already held a meeting with representatives from the shipping and container sectors and relevant ministries to discuss long-term strategies.

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