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24 Mar, 2022 News Image

India achieves $400 billion merchandise exports well before target date Shri Piyush Goyal.

The Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, today said that the achievement of USD 400 billion exports was the result of a concerted, collective effort by every sector, every stakeholder in the nation.

Merchandise exports from India have crossed $400 billion in the current financial year, 9 days ahead of schedule. This is far higher than the previous record of USD 330 billion achieved in 2018-19.

Hon’ble Prime Minister Shri Narendra Modi has tweeted the following:

'India set an ambitious target of $400 Billion of goods exports & achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success.

This is a key milestone in our Aatmanirbhar Bharat journey.'

The Minister was addressing a Press Conference held to mark the occasion in New Delhi today.

Shri Goyal said that the achievement of the lucrative export target showed the world that inspite of facing numerous challenges, with sheer grit, determination, capability and talent, India would surmount all obstacles.

The Minister expressed his gratitude to all the exporters, farmers, weavers, MSMEs, manufacturers, Indian missions abroad and all other stakeholders who he said, were the real heroes behind this achievement.

He thanked the Prime Minister, Shri Narendra Modi for leading from the front and for his relentless focus on exports. It was the clarion call given by the Prime Minister that inspired the industry to make a quantum jump in exports, he said.

The Minister said that there was a detailed strategy in place, including specific targets set - country-wise, product-wise & EPC-wise, monitoring and course correction, behind the achievement of the export target.

Shri Goyal said that the 'whole of govt approach' had been taken to the next level to 'whole of country approach' to acheive this remarkable target.

He also said that the achievement was not just about meeting targets but about building confidence and about exploring new markets.

The Minister applauded the media for consistently encouraging businesses through positive reporting, encouraging editorials, helping making this a national mission.

Underscoring the direct linkage that exports have with employment generation, especially in labour intensive sectors, the Minister said that when products of a brass trader from Moradabad and farmers from Varanasi get appreciated in the global market, it is a testimony to the fact that employment and prosperity is increasing from exports

The Minister also appreciated Indian exporters for maintaining the momentum throughout the year despite challenges caused by successive COVID-19 waves.

The Minister said that the achievement truly called for a celebration and added that it sent out the message of a confident future for the nation. India is ready for the World with a new identity of quality and reliability, he said.

Keeping in view the critical role of exports in catalyzing economic activities which were impacted by the COVID-19 pandemic, the Department of Commerce embarked upon the inspiration provided by Hon’ble PM Shri Modi during his Address and interaction with exporting community, Ambassadors / HCs / Commercial Missions, Line Ministries/ Departments, State/UTs, EPCs, Commodity Boards/ Authorities, Industry/Trade Associations, etc on 6th August 2021 on the theme of 'Local Goes Global - Make in India for the World'.

During the Address, Hon’ble Prime Minister set an ambitious target of US$ 400 billion of merchandise exports for 2021-22 for the nation to achieve. He exhorted the exporting community to search for new products in the export basket, look for newer destinations and ensure deeper penetration of the existing product and markets.

Thus, in order to achieve the target and approach set by the Hon’ble PM, the Department of Commerce disaggregated the $400 Billion target in terms of regions and countries as well as product/commodity groups. The government prepared a detailed strategy for achieving the targets and an elaborate monitoring system.

The disaggregated targets have enabled tight monitoring by Country/Region/Mission/Export Promotion Councils.

The Commodity Divisions of Department of Commerce have held regular review meetings with the concerned EPCs under their jurisdiction.

Thus, notwithstanding the challenges posed by successive waves of Covid, India’s merchandise trade performance has shown impressive growth and exports remained above USD 30 Billion for eleven consecutive months (likely to be twelve consecutive months at the end of March) during April to February wherein December 2021 in particular recorded the highest ever monthly merchandise exports recorded at USD 39.3 billion.

Engineering goods exports have gone up by nearly 50% vis-à-vis last year. Higher engineering exports, apparel and garment export, etc. indicate that the misconception of India being a major exporter of primary commodities is gradually changing. We are now exporting more and more value added and high end exports and this effort by our technology driven industries should continue. Export of Cotton Yarn/Fabrics/Made-ups, Handloom Products etc, Gems and Jewellery, Other Cereals and Man-Made Yarn/Fabrics./Made-up etc. have registered a growth rate between 50%-60%.

Agriculture sector has made noteworthy progress, especially during the pandemic, with India emerging as a major global supplier of food / essential agriculture products. Agriculture exports buoyancy is driven by commodities such as rice (both basmati and non-basmati), marine products, wheat, spices and sugar, among others, recording the highest ever agricultural products export in 2021-22.

Till 21st March 2022, Australia, Taiwan, Korea Rp, Bangladesh Pr, Poland, Brazil, Indonesia, Belgium, Saudi Arab, Turkey, Italy, Japan, Canada, U S A, South Africa, Netherland, Nigeria, Egypt and Mexico are the major countries which have achieved more than the export target. The Major Countries Thailand, Israel, Nepal, Vietnam Soc Rep, China, France and Sri Lanka Dsr which have achieved between 90% to 100% of total export target.

Till 21st March 2022, Organic & Inorganic Chemical, Other Cereals, Petroleum Products, Cotton Yarn/Fabrics/Made-ups, Handloom Products Etc., Mica, Coal and Other Ores, Minerals Including Process, Engineering Goods and Plastic and Linoleumare the major Commodities which have achieved more than the export target.

The Major Commodities Rice, Marine Products, Jute Mfg. Including Floor Covering, Carpet, Cereal Preparations And Miscellaneous Processed Item, Electronic Goods, Coffee, Gems And Jewellery and Handicrafts Excl. Hand Made which have achieved between 90% to 100%of the total export target.

The government has been working round the clock to provide a conducive environment and infrastructure for our industry and exporters to enhance their export performance. Policies and schemes aligned with the goal are being introduced and implemented for their benefit.

The smooth roll out of RoDTEP and ROSCTL even in the midst of the pandemic reflects the strong resolve of the government to walk the talk. The Interest Equalisation Scheme has been extended to exporters and is likely to benefit a large number of MSME exporters.

Rigorous efforts for domestic capacity enhancement for deepening integration in the Global Value Chains are being made by working in close partnership with the industry to identify areas where India’s competitive advantages. We will therefore work on strengthening our capabilities and create for the world on the lines of Make in India. PLI schemes for 13 key sectors of manufacturing starting from FY 2021-22 have been announced.

A policy shift in the approach envisaged in the Districts as Exports Hub (DEH) initiative has been adopted to boost local production and make Districts active stakeholders in driving export growth of local products/services. Consistent efforts to build and provide export promoting infrastructure are being undertaken via providing appropriate funding, insurance, credit provisions etc.

Thus, an effort has been made to set up a firm backward - forward linkage, starting from the district level to the overseas market with the help of multiple stakeholders. In between, the emphasis has been effective and efficient coordination among all stakeholders i.e. district units, State and Central Governments, line Ministries, EPCs, MSMEs exporting communities and our mission overseas to ensure breaking of silos to achieve a coherent and coordinated action for fulfilment of exports target.

Source: pib.gov.in

24 Mar, 2022 News Image

49 regional, GI agri products find new export destinations.

Out of over 100 niche geographical indications (GI) tagged products under its domain, the government’s agri promotion body APEDA has initiated a special initiative under which as many as 13 products sourced directly have got exported to new destinations such as South Korea, UK, US, UAE, Singapore, Bahrain and Japan.

Besides, as many as 36 other niche local products like murmura (puffed rice), moringa, jamun and sitabhog also got new export markets.

“There are two aspects of this export initiatives. First, we are successful in providing some new markets for these GI products, which were earlier exported to other destinations. Secondly, some select local products, which are of high export potential, were shipped to new export destinations, though these products sourced from other centres were earlier exported,” said M Angamuthu, Chairman of Agricultural and Processed Food Products Export Development Authority (APEDA).

APEDA is making an unique attempt to promote regional and State-specific GI products, he said.

There are 417 registered GI products and around 150 of them are agricultural and food products. APEDA-promoted products (under 27 broad categories) have a share of nearly 50 per cent in the country’s total exports of agriculture products including marine, spices, tea and coffee.

Among GI products, Suvarnarekha mangoes from Andhra Pradesh were shipped to South Korea for the first time, while Dahanu Gholvad sapota, Marathwada Kesar mango from Maharashtra reached the UK, Jalgaon’s banana (Maharashtra) to UAE, Nendran banana from Kerala to Singapore, Shahi litchi and Bhagalpuri Zardalu mango from Bihar to the UK.

Malli and other traditional flowers from Madurai (Tamilnadu) were shipped to the US and Dubai (UAE) and Makhana from Patna reached Japa for the first time, according to APEDA.

Among non-GI products, apricots from Ladakh were shipped for the first time to Dubai, while apples from Himachal Pradesh were exported to Qatar and Bahrain.

Similarly, Bahrain was the new destination for Sitabhog, Fazli mango, dragon fruit and Bardhaman mihidana from West Bengal.

Puffed rice (Murmura) from Cuttack (Odisha) went to Malaysia for the first time while Bijnor’s (Uttar Pradesh) jaggery and Iduki’s (Kerala) Marayoor jaggery reached Dubai (UAE).

Jamun from Uttar Pradesh first time reached UK and is likely to increase in volume in the coming years, officials said.

Interestingly, pasteurised Buffalo butter (salted) from Hathras (Uttar Pradesh) reached New Zealand for the first time.

Source: thehindubusinessline

24 Mar, 2022 News Image

Bihar has huge potential under the ODOP programme to contribute to India s rising exports - Shri Piyush Goyal.

The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal has said that the state of Bihar has huge potential under the One District-One Product (ODOP) programme to contribute to India’s rising exports. Stating that the State’s GDP is rising rapidly, he said Bihar has made rapid strides in Health and Education sectors.

'You have identified products for exports in each district, be it Bhagalpur silk, pharmaceuticals from Sivan, bamboo products from Samastipur or the ‘Shahi Litchi’ and ‘Lahati’ fruits of Muzaffarpur, all of these products are famous worldwide,' said Shri Goyal, addressing the Bihar Utsav celebrations at the Dilli Haat last night to mark the Bihar Diwas, the 110th year of establishment of the State.

Stating that Bihar is a land of immense opportunities, Shri Goyal said the Cooperative sector should be strengthened and the Farmer Producer Organizations (FPOs) empowered to boost production. He hoped that with implementation of the New Education Policy, the youth will be imparted Vocational Training to contribute to the development of the state.

'In recent times, an entrepreneur from the state, Praveen Chauhan, has extracted natural dyes from the flowers of Bodhgaya temple. Today, his dyes are being used in fashion textiles even as far as in Japan,' he said.

Shri Goyal said the Prime Minister Shri Narendra Modi has gone a step ahead from the ‘Look East’ policy to ‘Act East’ policy, which includes Bihar, neighbouring Jharkhand and West Bengal besides the eight states of the North-Eastern Region.

'Our Government has undertaken several development projects in Eastern India, not only started the projects but also completed them,' he said.

Recalling the rich heritage of Bihar, Shri Goyal said Shri Goyal said, India's greatest empires, - the Mauryan empire and the Gupta Empire rose from this land and laid the foundation for the modern India.

'This land taught the world its first lesson in democracy. Vaishali, the capital of Vajji Mahajanapada, was run by the Sangh (Assemblies of people). Bihar also laid firm the roots of nationalism, Mahatma Gandhi started the first civil disobedience from Bihar with Champaran Satyagraha in 1917. Bihar also led the country during the movement against the Emergency led by Jayaprakash Narayan,' he said.

Shri Goyal said Nalanda in Bihar was a center of learning in ancient India.

'It is said, - I am Chanakya’s Niti (Policy), I am Aryabhatta’s Aavishkaar (Discovery), I am the Tapasya (Penance) of Mahavira, I am Buddha’s Avatar (Incarnation), I AM BIHAR,' he said.

Stating that the great land of Bihar has played a vital role in the glorious history of India, Shri Goyal hoped the youth of Bihar, through their valour and hard work, will take the state to newer heights.

Union Ministers Shri Giriraj Singh, Shri Ashwini Kumar Choubey and Shri RCP Singh also attended the function.

Source: pib.gov.in

24 Mar, 2022 News Image

FSSAI issues guidance note on display of info and menu labelling.

The apex food authority has issued a guidance note on display of information in food service establishments and menu labelling. The note explains all relevant regulations and requisites to be followed by the establishment, mandatory and voluntary. And the note also describes the methods to determine nutritive value of the food items.

'Calorie and nutrition information for all food items/meal/platter/portion-wise being prepared and sold by the food businesses covered under the ambit of the display regulations, should be calculated,' reads the note.

The note also prescribes a formula to calculate nutrition content of a non- standardised recipe based on individual ingredients and energy conversion factors of protein, fat, available carbohydrate and fibre.

The calculation can be based on laboratory testing and a nutrient analysis method, and nutritive/ calorific values of each of the ingredient used to prepare a dish provided by credible scientific source.

Sub-Regulation 2.4.6 of Food Safety and Standards (Packaging and Labelling) First Amendment Regulations, 2020 dated August 21, 2020, specifies the requirements for ‘Display of information in Food Service Establishments’ with effect from January 1, 2022. FSSAI issued directions dated 28.12.2021 under Section 16(5) of the FSS Act vide which it has been conveyed to all the Food Safety Commissioners and Central Licensing Authorities that samples of the food items listed on the menu cards/boards/booklets by the FBOs shall not be taken up to check/verify the respective declarations of calorific value and nutritional information till June 30, 2022, in order to grant additional time to the FBOs to adopt the practice of Menu Labelling in a self-compliant manner.

According to the regulation, Calorific value or energy (in kcal per serving and serving size) against the food items needs to be displayed, adjacent to its name or price. The note says that deviation of 25 per cent in case of calorific value is tolerable. Also, the allergen information needs to be placed in the menu and veg or non-veg logo.

The concerned FBO is also required to give information about specific ingredients like MSG, Artificial Sweeteners, Caffeine, polyols, polydextrose etc. with declaration about their properties and information related to organic food, if claimed.

The note also explained sample menu displays.

The food service establishments include all five star hotels (Central licences); one/two/three/four star hotels with state licence but having outlets at 10 or more locations; restaurants having Central licence; restaurants/clubs/canteens with state licences having outlets at 10 or more locations; flight/railway caterers having Central licence; departmental canteens at the premises of Central government institutions; cloud kitchens/dhabas with state licences having outlets at 10 or more locations; e-commerce FBOs selling food products of those FBOs mandated for declaration under menu labelling for such foods.

However, event caterers and food service premises that operate for less than 60 days in a calendar year (consecutively or non-consecutively) are exempted from the scope of these regulations.

Source: fnbnews

23 Mar, 2022 News Image

Implementing Operation Greens Scheme.

The Ministry has been implementing scheme of Operation Greens since November, 2018 for integrated value chain development of Tomato, Onion and Potato(TOP) crops in the selected clusters.The scheme has two components i.e. Long Term Strategy i.e. Value Chain Development Projects and Short Term Strategy i.e. Price Stabilization Measures through grant of transportation/storage subsidy.

Being a demand driven scheme, projects are sanctioned on the basis of response received from the industry. Since its inception,six (6) value chain development projects have been sanctioned and initiated with total project cost of Rs.363.30 crore; Grant-in-aid sanctioned of Rs.136.82 crore; Processing capacity 3.34 Lakh MT and PreservationCapacity of 46,380 MT.

The Ministry has conducted regular stakeholder’sconsultations to discuss the challenges faced for setting up of projects under the scheme and accordingly, necessary corrective measures have been taken from time to time to resolve the issues.

Under the short term measures of the scheme, provision of transportation/storage subsidy is available for notified crops during glut situation for eligible entities including Farmers.Total subsidy of Rs.84.73 crore has been disbursed under the scheme which has benefitted eligible entities including farmers across India.

The scope of short term measures originally applicable to Tomato, Onion and Potato crops were expanded to 41 notified fruits & vegetables w.e.f. June, 2020 as a part of Aatmanirbhar Bharat Abhiyan Package.

Further, in pursuance to Budget Announcement 2021-22, the scope of long term strategy i.e. Value Chain Development Projects was expanded from TOP crops to 22 perishables which include 10 fruits, 11 vegetables (including TOP crops) and 1 marine product i.e. Shrimp.

State-wise budget allocation is not done under the scheme. The details of year-wise budget allocation and expenditure incurred till date are provided in the table below.

(Rs. in Crore)

Financial Year	Budget Allocation	Expenditure
2018-19	200.00	5.50
2019-20	32.48	2.84
2020-21	38.22	38.21
2021-22 9 (till 15.03.2022)	74.50	60.58
Total	345.20	107.13

As on date, six (6) projects were sanctioned for TOP crops under the scheme with total project cost of Rs.363.30 crore; Grant-in-aid sanctioned of Rs.136.82 crore; Processing capacity 3.34 Lakh MT and Preservation Capacity of 46,380 MT.

Out of the six (6) projects, three (3) projects i.e. one each for TOP crops in the State of Gujarat; two (2) projects for Onion in Maharashtra and one (1) project for tomato in Andhra Pradesh have been sanctioned and initiated.

This information was given by Minister of State for M/o Food Processing Industries, Shri Prahlad Singh Patel in a written reply in Lok Sabha today

Source: pib.gov.in

23 Mar, 2022 News Image

Millets as Superfood.

Millets are food grains having high nutritional features and health benefits and are cultivated with minimal water & inputs. They are cultivated across the country in various agro-ecological regions, having less infestation of pest and diseases and thus can be grown easily as organic crops. Consequent to the initiative of the Government of India, the United Nations has declared the year 2023 as the International Year of Millets (IYOM). This will create both domestic and global demand and enhance exports from India. To give impetus to the export of potential products as well as to remove the bottlenecks in the supply chain of nutri cereals, the Government, through Agricultural and Processed Food Products Export Development Authority (APEDA) has created Nutri Cereals Export Promotion Forum.

The production of millets has increased from 17.26 million tonne during 2019-20 to 18.02 million tonne in 2020-21. Under National Food Security Mission (NFMS) programme, the NFSM-Nutri Cereals is being implemented in 212 districts of 14 states. Under NFSM, assistance is given through state governments to farmers for interventions like cluster demonstrations on improved package of practices, demonstrations on cropping system, distribution of seeds of High Yielding Varieties (HYVs)/hybrids, improved farm machineries/resource conservation machineries/tools, efficient water application tools, plant protection measures, nutrient management/soil ameliorants, processing & post-harvest equipments, cropping system based trainings to the farmers etc.

The mission also provides support to Indian Council of Agricultural research (ICAR) & State Agricultural Universities (SAUs)/Krishi Vigyan Kendras (KVKs) for technology back stopping and transfer of technology to the farmer under supervision of Subject Matter Specialists/Scientists. The research organizations are supported for undertaking research projects that can help enhancing production and productivity of food crops. The State Governments can also promote cultivation of millets under Rashtriya Krishi Vikas Yojana –Remunerative Approaches for Agriculture & Allied sector Rejuvenation (RKVY- RAFTAAR) with the approval of the State Level Sanctioning Committee (SLSC) constituted under the chairmanship of the chief secretary of the State.

To improve acreage, production and productivity of millets across the country, the ICAR through its nodal research institute on millets, Indian Institute of Millets Research (IIMR), Hyderabad is giving emphasis on development of high yielding climate resilient new varieties/hybrids which are tolerant to biotic and abiotic stresses with enhanced quality. The Government is popularizing nutri-cereals through Research &Development support and has established 3 Centres of Excellence (CoE). Support is also given to start-ups and entrepreneurs for developing recipes & value added products that promotes consumption of millets.

In order to facilitate the movement of the millets, Government has revised the guidelines for movement of the surplus production of millets to other States. The provision of inter-state transportation of surplus millets through Food Corporation of India (FCI) is incorporated to cater for advance demand placed by consuming state before the start of procurement.

The Government is implementing Pradhan Mantri Poshan Shakti Nirman (PM POSHAN), earlier known as ‘National Programme on Mid-Day Meal in Schools’ for providing one hot cooked meal in Government and Government-aided schools from 2021-22 to 2025-26, wherein millets can be used by States/UTs under the scheme.

This information was given by the Union Minister of Agriculture and Farmers Welfare Shri Narendra Singh Tomar in a written reply in Lok Sabha today.

Source: pib.gov.in

23 Mar, 2022 News Image

Shift Towards Zero Budget Natural Farming.

Evidences from implementation of Zero Budget Natural Farming (ZBNF) from various parts of the country indicates that shift towards ZBNF helps in substantially lowering the cost. Being a chemical free system based on natural nutrient cycling, it ensures safe food and soil health restoration.

Government is promoting Natural Farming through Bhartiya Prakritik Krishi Padhati (BPKP) introduced during 2020-21 as a sub scheme of Paramparagat Krishi Vikas Yojana (PKVY) for the promotion of traditional indigenous practices including Natural Farming. The scheme mainly emphasises on exclusion of all synthetic chemical inputs and promotes on-farm biomass recycling with major stress on biomass mulching, use of cow dung-urine formulations and other plant-based preparations. Under BPKP, financial assistance of Rs 12200/ha for 3 years is provided for cluster formation, capacity building and continuous handholding by trained personnel, certification and residue analysis. Until now, under natural farming an area of 4.09 lakh ha area has been covered and a total fund of Rs. 4980.99 lakh has been released to 8 States across the country. The State –wise details of funds released and area under BPKP is given at below.

Annexure- I

The State –wise details of funds released and area covered under Bhartiya Prakritik Krishi Padhthi (BPKP)

Sl. No.	States	Released date	Area in Ha	Amount released (Rs in lakh)
1.	Andhra Pradesh	30.09.20	100000	750.00
2.	Chhattisgarh	09.12.20	85000	1352.52
3.	Kerala	30.09.20	84000	1336.60
4.	Himachal Pradesh	24.12.20	12000	286.42
5	Jharkhand	02.12.20	3400	54.10
6.	Odisha	02.02.21	24000	381.89
7.	Madhya Pradesh	16.02.21	99000	787.64
8.	Tamil Nadu	16.02.21	2000	31.82
pib.gov.in
23 Mar, 2022 Centre to hold high-level meeting on Thursday to boost wheat exports. Amid rising global demand for Indian wheat due to the Russia-Ukraine crisis, the Central government has called a high-level meeting on Thursday with top exporters from the country, port authorities, state governments and also secretaries from the department of agriculture, shipping, commerce and Railways. Madhya Pradesh Chief Minister Shivraj Singh Chouhan, which is one of the country's foremost wheat producing states is also expected to attend the meeting. Sources said the meeting is expected to discuss ways and means to boost wheat exports from India and clear all the bottlenecks so that the country manages to take advantage of the favorable global conditions. India is poised to export a record over 7 million tonnes of wheat in FY-22 due to the sudden surge in demand following the Russia-Ukraine crisis, which can go upto to almost 10 million tonnes in Fy-23 if conditions continue to remain benign. At present, Indian wheat is among the cheapest in the world markets priced at around $330-340 per tonne (FOB), while rates of all other countries are considerably higher. In a related development, news agency Reuters reported today that Lebanon is planning a tender to import 50,000 tonnes of wheat from India, the country’s economy minister said. 'India is the first state to give me a final answer on quantities and tomorrow it will give me an answer on the price,' Economy Minister Amin Salam said. Last week, the Union commerce ministry said that India is in final talks to start wheat export to Egypt while discussions are going on with countries like China, Turkey, China and Iran to begin the outbound shipments of the commodity. Source: business-standard.com
23 Mar, 2022 Wheat exports surge nearly four times, rice top forex earner Other cereals up 66 per cent; Cereal Preparations & Misc. Processed Items up 14 per cent. Growth in Agriculture and allied exports The Government of India's consistent and concerted endeavours to usher into reforms for boosting agricultural exports have been highly fruitful. Despite the unprecedented global pandemic, India has been able to step in to meet the increased global demand, emerging as a significant global supplier of food and other essential agricultural products. Notwithstanding logistical challenges posed by COVID-19 pandemic, India's exports of Agricultural and Processed Food products rose by more than 23 per cent in terms of USD in the first ten months of the current fiscal (April 2020-January 2021) compared to the same period of the previous year. Looking at five-yearly growth, it is observed that the export of agriculture and allied products have increased from a total of Rs. 896708.84 crore during 2009-14 to Rs. 1193463 crores during 2014-19. The exports have already reached Rs. 855293 crore mark during 2019-22 period (Includes April- January 2021-22 figure) with the exports for the period April 2021 - January 2022 exceeding Rs. 3 Lakh Crore. Source: static.pib.gov.in
23 Mar, 2022 Australia, India aim for trade deal by year's end. Australia and India said on Tuesday they are close to finalising an interim economic and trade cooperation deal and hope to sign a full agreement by the end of the year. Australian Prime Minister Scott Morrison and Indian Prime Minster Narendra Modi held a virtual summit on Monday evening to discuss economic, defence and technological cooperation, as well as the war in Ukraine. To check if you're eligible to immigrate, Click here A joint statement released on Tuesday said considerable progress had been made in negotiations for the Comprehensive Economic Cooperation Agreement (CECA) which was 'close to finalisation'. An interim economic deal would be concluded 'at the earliest', and the two nations would 'work towards an ambitious, full CECA by the end of the year to enhance trade and investment ties', it said. Morrison's government, which faces an election in May, hopes to strike a trade deal with India to help diversify its exports away from a reliance on China, with which it has increasingly frosty diplomatic relations. Australia and India launched talks on a trade deal in 2011, and in 2020 the two prime ministers decided to speed up the negotiations. Australian Trade Minister Dan Tehan said he expected the trade deal to be agreed 'hopefully, in the next week'. India was Australia's seventh-largest trading partner in 2020, with two-way trade valued at A$24.3 billion ($18 billion). Tehan said the trade deal would give greater mobility for workers and students, as well as boost cooperation on critical minerals. India has said India is seeking greater market access for its textiles, footwear, leather, and pharmaceuticals. Source: economictimes.indiatimes.com
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