India News | India, Australia Committed to Full Trade Pact: Envoy

New Delhi, Apr 4 (PTI) India and Australia remain committed to working towards a full comprehensive economic cooperation agreement, Australian High Commissioner Barry O'Farrell said on Monday, two days after the two sides inked a trade deal.

In an address at an event, the envoy said the trade agreement signed on Saturday is only a "first stage deal" and that it gives both sides an opportunity to properly harness the complementary nature of their economies in areas such as critical minerals, education and tourism.

Also Read | Telangana Woman Rubs Chilli Powder in Son's Eyes to Punish Him for Ganja Addiction (Watch Video).

"I am confident that the deal will start, at a commercial level, building the confidence needed that will open up even more opportunities for both of our countries," he said.

He added: "I should add for clarity that both countries remain committed to working towards a full Comprehensive Economic Cooperation Agreement."

Also Read | PM Narendra Modi Inquires Health of His Israeli Counterpart Naftali Bennett Who Tested Positive for COVID-19.

The envoy said "the agriculture" sector is "sensitive in every country in the world, it's sensitive in Australia, it's sensitive in India", in an indirect indication that both sides have issues over it.

"Once we start cooperating in areas across our diverse economic sectors, once people understand that Australian wines are not going to crush Indian wines, that our products are going to be at different price points, then we will see greater and greater economic cooperation," he said.

India and Australia on Saturday inked a trade pact to diversify bilateral trade.

O'Farrell said one of the reasons that Australia, India, Japan and the US came closer during the COVID-19 pandemic has been that it did accentuate some of the negative trends that existed in the world.

"India has faced border tensions, Australia has faced economic (problems), we are facing a new challenge in the Pacific, those issues are not going to disappear overnight," he said.

"What's happening in Europe is going to have implications for us in the future, that is going to drive closer and closer cooperation between Indian and Australian defence forces," he added.

The envoy described the future between India and Australia as "limitless".

"The future is limitless, it needs good stewards, open to ideas from think tanks, prepared to inject some risks, challenge us to go an extra step and be prepared for India and Australia to say no sometimes," he said.

Referring to the trade pact inked on Saturday, O'Farrell said Indian consumers and businesses will benefit from the immediate elimination of tariffs on 85 per cent of Australian goods exports to India.

"While Australian consumers will benefit from almost 96 per cent of Indian goods imports entering Australia duty-free. This is an important step—and a real testament to the great strength of the relationship," he said.

Asked about Russia's continuation as a G-20 member in the backdrop of its aggression against Ukraine, O'Farrell echoed the Australian prime minister's remarks on the issue and noted that it should not be in the grouping.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)