During a recent bilateral meeting, Indian officials brought attention to Australia’s pharmaceutical pricing controls, specifically concerning generic medicines. This discussion, which took place as part of efforts to enhance economic cooperation and trade relations between the two countries, also discussed establishing disease-free zones for Indian shrimp, cross-border e-payments, professional MRAs, and progress on the India-Australia CECA negotiations.

Focus on Resolving Market Access Issues

India and Australia agreed to collaborate closely to address market access challenges. They also emphasized the importance of fostering people-to-people connections and establishing mechanisms for sharing import data, aiming for timely resolutions on these critical issues.

Despite a 7.7% decline in bilateral trade, reaching USD 24 billion in the fiscal year 2023-24, both nations remain committed to addressing implementation issues under the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA). This agreement encompasses various facets of trade and economic collaboration.

Key Discussion Points

The meeting highlighted several key topics:

• Shrimp and Prawn Exports: Establishing disease-free zones for Indian shrimps and prawns was a focal point, ensuring quality standards in seafood exports.
• Implementation Challenges: Discussions included challenges related to market access for Indian products such as okra, pomegranate, grapes, cottage cheese, and pharmaceuticals.
• Cross-Border E-Payments: Both countries explored facilitation of cross-border e-payments, aiming to streamline financial transactions.
• Professional MRAs: Considerations were made for mutual recognition agreements (MRAs) in professions like nursing and dentistry.

Strengthening Economic Ties

The Joint Committee Meeting (JCM) in Canberra provided a platform to address critical services issues and review progress on the India-Australia Comprehensive Economic Cooperation Agreement (CECA) negotiations. This ongoing dialogue underscores the significance of Australia as a key trading partner for India in the Oceania region.

The meeting underscored the potential for further growth in bilateral trade and economic cooperation. India and Australia aim to leverage these discussions to strengthen trade ties, promote investment, and explore opportunities for collaboration in technology and other sectors.