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Confident that India, Australia will meet deadlines of finalising trade pact: Abbott

Australian Prime Minister's Special Trade Envoy Tony Abbott on Friday expressed confidence that India and Australia would meet the deadline of finalising the proposed trade pact, which aimed at enhancing economic ties between the two countries.

India and Australia have agreed to conclude a long-pending free trade agreement, officially dubbed as comprehensive economic cooperation agreement (CECA), by the end of 2022, and an early harvest trade deal by end of this year.

In an early harvest agreement, two trading partners significantly reduce or eliminate customs duties in a certain specified number of goods, these duties were removed in the maximum number of goods traded between them in a free trade agreement or CECA. They also liberalise norms for enhancing trade in services and boost investments in a CECA.

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