Narendra Modi seeks to accelerate India trade pact talks with Australia

Canberra: Prime Minister Narendra Modi said he wants to speed up negotiations on a comprehensive economic partnership agreement with Australia as he seeks better access for Indian businesses to the nation’s markets.

Modi’s address comes a day after China and Australia completed negotiations on a free-trade agreement and President Xi Jinping told parliament he wants greater security ties with Australia. China’s trade with Australia dwarfs that of India by 10 times and prime minister Tony Abbott said on Tuesday he wants to sign a trade according with India by the end of next year.

 

India is an “emerging, democratic superpower of Asia,” Abbott told reporters. “The trade relationship is underdeveloped and Prime Minister Modi and I have spent quite some time this morning talking about what we need to do to really crank up the trade relationship

Both India and Australia are seen by US President Barack Obama as important supporters of the US pivot into the Asia-Pacific, designed to counter China’s growing influence and territorial claims in the region.

 

On Monday night, Modi addressed 21,000 people at Sydney’s Olympic Park where he promised visas for Australian tourists would soon be made available on arrival at Indian airports. Supporters waved the nation’s tri-color flag and donned Modi masks and T- shirts as they made their way into the arena

India, which has an appetite for Australia’s coal, gold and copper, is the nation’s 10th largest trading partner, accounting for about A$15 billion ($13 billion) in exports and imports including services, according to Australia’s Department of Foreign Affairs and Trade.

 

Comment:  On Monday night, Modi addressed 21,000 people at Sydney’s Olympic Park where he promised visas for Australian tourists would soon be made available on arrival at Indian airports. Supporters waved the nation’s tri-color flag and donned Modi masks and T- shirts as they made their way into the arena.

VIKASH CHANDRA MISHRA

PGDM 3 SEM

SOURCR: MINT

 

Narendra Modi seeks to accelerate India trade pact talks with Australia

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