India and Australia are likely to conclude an interim trade agreement or ‘early harvest agreement’ next week, a government official said on Thursday, March 17.
According to the official, both countries have agreed to conclude negotiations for a full free trade agreement (FTA) by 2023 while the interim trade agreement remains in force.
India and Australia had initiated talks on an FTA way back in 2011 and, after nine rounds of negotiations, talks were suspended in 2015.
Bilateral trade between the two countries was recorded at $12.5 billion 2020-21 and is estimated at $17.7 billion in the first 10 months of the fiscal year 2021-22.