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The bilateral trade between the countries saw a decline of 7.7 per cent, dropping to USD 24 billion in 2023-24 from USD 26 billion in 2022-23. This decrease was a topic of discussion during a recent bilateral meeting between officials from India and Australia.

During the meeting, India raised concerns about pharmaceutical pricing control in Australia, particularly related to generic medicines. Both countries agreed to work closely on resolving market access issues in a timely manner, enhance people-to-people contacts, and establish a mechanism for sharing preferential import data.

The first Joint Committee Meeting (JCM) in Canberra under the India-Australia Economic Co-operation and Trade Agreement (Ind-Aus ECTA) covered various topics including mutual recognition agreements (MRAs) on organic products, market access issues for specific products like okra, pomegranate, grapes, and cottage cheese, as well as pharmaceutical pricing control for generics in Australia.

Additionally, discussions included progress on whisky and wine, establishment of disease-free zones for shrimps and prawns in India, and addressing critical services issues such as cross-border e-payments and MRAs in professions like nursing and dentistry.

Chief negotiators from both sides reviewed progress under the India-Australia Comprehensive Economic Cooperation Agreement (CECA) negotiations to ensure a balanced outcome for further enhancing trade ties between the two countries.

Australia is a significant trading partner for India in the Oceania region, with merchandise trade reaching approximately USD 24 billion in 2023-24. The meeting aimed to strengthen trade relationships and explore new opportunities for economic cooperation, including support for technology advancements.

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