Win-win for both sides: Goyal on Australia trade pact

“The good part of this friendship is that we have respected each other’s sensitivities. And the agreement is only a win-win with absolutely no negatives for both sides and both countries,” Goyal said at a joint press conference at the end of three days of talks here.

Tehan noted he had said publicly that “we (Australian government) understand the sensitivities that India has when it comes to dairy, beef and wheat.”

The two nations are expected to sign the India-Australia Comprehensive Economic Cooperation Agreement (CECA), likely to be concluded in 12-18 months after the interim pact is announced.

The dairy and agriculture sectors, which are key sources of employment in the country, have traditionally been sensitive sectors for India in trade negotiations.

Goyal highlighted that India’s merchandise exports in the first 10 months of the fiscal had hit $336 billion, which was higher than India had ever achieved in a full fiscal. “We are well on track on exceeding our target of $400 billion. The first week of February saw exports upward of $8.5 billion,” he added.

Tehan said it was important that members of the Quad (Quadrilateral Security Dialogue) — the US, Japan, Australia and India — reiterate the importance of all countries adhering to an international “rules-based order.” Tehan’s comments come in the context of the Chinese Foreign Ministry calling the Quad a tool to contain China, even as the four members committed to deepening cooperation to ensure the Indo-Pacific region was free from “coercion.”

The foreign ministers of India, Japan, and Australia, and the US Secretary of state met in Melbourne on Friday for the fourth Quad Foreign Ministers’ Meeting.

Australia has raised disputes with China at the World Trade Organization over trade of wine and barley.

Goyal said that the coming together of the Quad had naturally led to member countries looking to enter into closer trading relationships. Tehan noted that Australia had already signed free trade agreements with the other two members of the Quad and that “we can start to build the economic cooperation and framework also within the countries of the Quad,” after a deal with India is announced.