The leaders noted the importance of working together (File)
Prime Minister Narendra Modi and his Australian counterpart Scott Morrison welcomed the considerable progress made in the Comprehensive Economic Cooperation Agreement (CECA) negotiations during the second India-Australia virtual summit.
In a joint statement, both the leaders re-committed to concluding an Interim CECA at the earliest and work towards an ambitious, full CECA by the end of the year to enhance trade and investment ties and deepen the India-Australia Comprehensive Strategic Partnership (CSP).
Leaders emphasised the importance of an early resolution of the issue of taxation of offshore income of Indian firms under the India Australia Double Taxation Avoidance Agreement (DTAA), read the MEA joint statement.
Both the leaders reiterated their commitment to a free, fair, inclusive and rules-based trade environment.
They reaffirmed their commitment to uphold and strengthen the rules-based multilateral trading system with the World Trade Organization at its core, and looked forward to 12th Ministerial Conference (MC12) which has been agreed to be held in June, the joint statement said.
The leaders noted the importance of working together to build, strengthen and diversify supply chains and avoid supply chain disruptions.
Last September, India and Australia formally launched the resumption of negotiations on the India-Australia Comprehensive Economic Cooperation Agreement (CECA).
Australia and India are important trading partners. Major Indian exports to Australia are petroleum products, medicines, polished diamonds, gold jewellery, apparels etc, while key Australian exports to India include coal, LNG, alumina and non-monetary gold.