{"id":122153,"date":"2021-09-30T20:48:42","date_gmt":"2021-09-30T20:48:42","guid":{"rendered":"https:\/\/fin2me.com\/?p=122153"},"modified":"2021-09-30T20:48:42","modified_gmt":"2021-09-30T20:48:42","slug":"a-trade-deal-with-india-would-be-australias-most-important-abbott","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/a-trade-deal-with-india-would-be-australias-most-important-abbott\/","title":{"rendered":"A trade deal with India would be Australia\u2019s \u2018most important\u2019: Abbott"},"content":{"rendered":"

Former prime minister Tony Abbott says a proposed pact to liberalise trade between Australia and India would be the nation\u2019s most important trade deal and enhance the developing Quad security partnership.<\/p>\n

Negotiations for an Australia-India comprehensive economic cooperation agreement were launched more than a decade ago but stalled in 2015. Talks recently revived and the two governments have flagged an interim announcement by December.<\/p>\n

<\/p>\n

Indian Prime Minister Narendra Modi and Tony Abbott met at Parliament House in November 2014.<\/span>Credit:<\/span>Fairfax Media<\/cite><\/p>\n

Mr Abbott, who recently met with Indian Prime Minister Narendra Modi, told a roundtable meeting of the Australia-India Chamber of Commerce that the relationship between Australia and India had not reached its full potential despite the two having \u201ccomplimentary\u201d economies.<\/p>\n

\u201cIf we can pull this deal off it will actually be the most important trade deal that we have done,\u201d he said.<\/p>\n

Mr Abbott said an India-Australia trade deal would be \u201ca very important economic component\u201d of the developing Quadrilateral security partnership involving Australia, India, Japan and the US. Leaders of these nations met in person for the first time in Washington earlier this month.<\/p>\n

\u201cI think this trade deal, this trade relationship, has a significance and resonance that goes well beyond that for our two countries,\u201d Mr Abbott said of the proposed Australia-India economic pact.<\/p>\n

As prime minister Mr Abbott struck a free trade deal with Australia\u2019s biggest trading partner, China, and lauded it as one of his government\u2019s biggest achievements. But amid growing tensions between Beijing and Canberra Mr Abbott told a British audience in July that he could not \u201cimagine that China and Australia would contemplate concluding a trade deal today\u201d.<\/p>\n

The political and security relationship between Australia and India has improved steadily during the past decade but growth in trade and business ties have been more subdued. India\u2019s economy, Asia\u2019s third largest, is expected to grow strongly in future. India purchased $19 billion worth of Australian goods and services in 2019-20 making it our sixth biggest export market. But that was just 11 per cent of the value of Australian exports to China that year.<\/p>\n

Australia\u2019s High Commissioner to India, Barry O\u2019Farrell, who also participated in the roundtable, said the disruption to supply chains caused by the COVID-19 pandemic and the changing geostrategic environment meant there are new opportunities to advance the economic relationship between India and Australia.<\/p>\n

\u201cAustralia\u2019s commitment to lift the economic component of our relationship [with India] I don\u2019t think has ever been strong or had the same priority as it has today,\u201d he said.<\/p>\n

The federal government sent Mr Abbott to India in August as part of a push to revive the trade talks. During the visit he met with Mr Modi who later posted a Tweet saying the pair had discussed ways to \u201cenergise our trade and economic relationship\u201d.<\/p>\n

In late August Trade Minister Dan Tehan and his Indian counterpart Piyush Goyal, announced trade negotiators would meet as often as required in a bid to reach an interim \u201cearly harvest\u201d announcement by December that would pave the way for a future comprehensive agreement. Mr Tehan will visit India this week and is due to meet with Mr Goyal.<\/p>\n

\u201cWhen the respective ministers made a commitment to do something by Christmas, they didn\u2019t put that test on themselves to fail, they put that test on themselves because they really want to succeed,\u201d Mr Abbott said.<\/p>\n

Mr O\u2019Farrell said the government is \u201cdetermined to get that early harvest [announcement] by the end of the year\u201d.<\/p>\n

India\u2019s High Commissioner to Australia, Manpreet Vohra, who also attended the meeting, said there was \u201ca lot of action happening right now\u201d in the negotiations but indicated there were still some differences between the two sides on aspects of the deal including services trade.<\/p>\n

\u201cNo deal would work unless it is seen as a win-win,\u201d he said.<\/p>\n

The Morning Edition newsletter is our guide to the day\u2019s most important and interesting stories, analysis and insights. <\/i><\/b>Sign up here<\/i><\/b>.<\/i><\/b><\/p>\n

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Former prime minister Tony Abbott says a proposed pact to liberalise trade between Australia and India would be the nation\u2019s most important trade deal and […]<\/p>\n","protected":false},"author":3,"featured_media":122152,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nA trade deal with India would be Australia\u2019s \u2018most important\u2019: Abbott - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/economy\/a-trade-deal-with-india-would-be-australias-most-important-abbott\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A trade deal with India would be Australia\u2019s \u2018most important\u2019: Abbott - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Former prime minister Tony Abbott says a proposed pact to liberalise trade between Australia and India would be the nation\u2019s most important trade deal and [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/economy\/a-trade-deal-with-india-would-be-australias-most-important-abbott\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-30T20:48:42+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/09\/A-trade-deal-with-India-would-be-Australias-\u2018most-important-Abbott.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/economy\/a-trade-deal-with-india-would-be-australias-most-important-abbott\/\",\"url\":\"https:\/\/fin2me.com\/economy\/a-trade-deal-with-india-would-be-australias-most-important-abbott\/\",\"name\":\"A trade deal with India would be Australia\u2019s \u2018most important\u2019: Abbott - 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