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India, Aus to ‘speed up talks’ to finalise early harvest deal by Dec

Early harvest agreements are used to liberalise tariffs on the trade of certain goods between two countries or trading blocs before a comprehensive Free Trade Agreement (FTA) is concluded.

By: ENS Economic Bureau | New Delhi |
August 28, 2021 1:35:56 am
Commerce Minister Piyush Goyal. (File photo)

India and Australia are planning to conclude an early harvest trade deal by December, the two countries said in a joint statement on Friday. Commerce Minister Piyush Goyal and Australia’s Trade Minister Dan Tehan have directed officials to speed up negotiation and meet “as often as required” to achieve an early harvest announcement by December 2021. Early harvest agreements are used to liberalise tariffs on the trade of certain goods between two countries or trading blocs before a comprehensive Free Trade Agreement (FTA) is concluded.

“…the ministers directed officials to speed up the negotiations and to meet as often as required to achieve an early harvest announcement by December 2021 on an interim agreement to liberalise and deepen bilateral trade in goods and services, and pave the way for a comprehensive agreement,” the two countries said in a joint statement.

According to the joint release both ministers discussed a way forward for a comprehensive economic cooperation agreement in a video conference on Thursday. There have been three rounds of talks between the chief trade negotiators of both nations, thus far.

India is also currently working on FTAs with the UK, Canada, UAE, Israel and the EU. Goyal had said the government is also working on an early harvest deal with the UK.

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