Photo: CollectedEconomic Cooperation and Trade AgreementIndiaAustraliaRegional Comprehensive Economic PartnershipministryIndian and Australian companies may be able to bid in each other's central government tenders as the bilateral(ECTA) provides for negotiations, in a chapter on government procurement, to begin in the next 75 days. Officials saidis likely to get access to about $10 billion worth of's official procurement, pegged at $60-65 billion annually.According to the trade pact signed on Friday, a chapter on digital trade will also be negotiated soon. The commerce and industry ministry will begin talks with other ministries on the issue, said officials. "Since Australia's per unit productivity is higher than ours, the MoU with thewill focus on tech technology and research," said the official.The pact also provides for duty concessions on wines that would attract investment in India. Industry executives said India's decision to reduce duty on Australian wine will give consumers high-quality premium brands and bring in price rationalisation.Source: economictimes.indiatimes.com

Source: Economic Times April 04, 2022 14:07 UTC