Australia's Trade Minister, Dan Tehan, is in India to advance the talks on a potential free trade agreement (FTA) that would boost economic connections between the two nations while also promoting Australia as a top international student and tourist destination. Australia's Minister is in town to push the planned free trade pact, technically known as the Comprehensive Economic Cooperation Agreement, forward (CECA). There's a chance that Australia and India would provide Indian students the option of extending their visas for another 3-5 years. According to sources, New Delhi has emphasized getting visas simpler for Indian students and professionals in Australia.
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By the end of 2022, two countries are on schedule to sign a long-haul free trade deal. Tehan was cited as stating, "Goyal and I have been in constant communication throughout the Christmas/New Year vacations because both of us are dedicated to the conclusion of a temporary free trade agreement." The trade agreement is being praised as a "possible game-changer" for both Australia and India, as well as a vital step toward the global economy's post-Covid recovery. Bilateral trade between the two nations reached $12.3 billion in 2020-2021, up from $12.63 billion in 2019-20.
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India's main exports to Australia are petroleum, medicinal products, railway vehicles, including hover-trains, pearls and gems, jewelry, and textile products, while its main imports are coal, copper ores and concentrates, gold, vegetables, wool and other animal fibers, fruits and nuts, lentils, and education-related services.
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