The company has appointed a leading international law firm to advise the company of its legal options, and in particular, the Australian Bilateral Investment Treaty.
India is moving in to fill the vacuum left by China for Australian resources and wine, with a free-trade agreement between Canberra and New Delhi gathering momentum.
Having secured free trade agreements (FTAs) with almost all key trading partners, Australia is honing in on a long elusive but lucrative market — India. Tensions with China, the need to find new sources of economic growth and government policy to diversify trading partners are pushing Australia into India’s arms.
Negotiations on the Australia–India Comprehensive Economic Cooperation Agreement (CECA) are set to restart after being suspended in 2015. Australia’s new Minister for Trade Dan Tehan has flagged that a trade deal with India will be one of his top priorities.
With India, Australia and Japan intent on pursuing their arrangement in parallel, the road looks relatively clear for an RCEP accord in November. Even if there are still a few points of contention, the 15 countries may sign an "agreement in principle".
Australia’s escalating tensions with Beijing have shown up its reliance on China trade and propelled a push to increase links with Asia’s other giant economy, India.
India hasn’t shunned efforts to forge “balanced” trade agreements despite renewed push for self-reliance, and talks with key partners, including the US, the EU and Australia, will gain momentum once the impact of the pandemic wanes considerably.
Trade Ministers of both countries are working on what they can offer each other.
India and Australia agreed to consider reviving stalled negotiations on the proposed free trade agreement (FTA)
Australian Trade Minister leads high-level delegation, holds talk with Indian counterpart Piyush Goyal.
New Delhi wants to resume negotiations on the long-pending Comprehensive Economic Cooperation Agreement with Australia, talks for which stalled in 2015.
Australian Trade Minister will meet his Indian counterpart, likely to discuss RCEP and long-pending bilateral trade agreement.
Countries such as Australia, New Zealand, South Korea and Japan are among the first ones with which India is ready to consider individual agreements to begin with.
Australian High Commissioner Harinder Sidhu hope that India will seriously consider returning to the RCEP table.
India will hold talks with the EU and the UK to forge free trade agreements. New Delhi could also clinch a trade deal with Australia.
Despite India’s decision to walk out of the ASEAN-led 15-nation RCEP Free Trade Agreement last month, officials from India’s Indo-Pacific partners Australia and Japan are still discussing the issue in the hope that the government will rethink the decision.
The decision of keeping India out of the Regional Comprehension Economic Partnership (RCEP) has helped crores of farmers and prevented the likely shift shift of India from a self-sufficient milk producer to importer.
India has long had a reputation in Australia as being a challenging negotiator that may not share the same enthusiasm for concluding free trade agreements.
It has been more than eight years since Australia and India began negotiations on a free trade deal, but the two countries have yet to reach a settlement that both New Delhi and Canberra feel comfortable with.
PM Narendra Modi will take up India’s unresolved issues in the proposed Regional Comprehensive Economic Partnership trade agreement at the leaders’ summit next month if the 16 members are unable to resolve them over the next few days.