Previous Year Question
With reference to “India-Australia Economic Co-operation and Trade Agreement (Ind-Aus ECTA),” which of the following statements is/are correct?
This is a first-of-its-kind initiative of FTAs.
The meeting was attended by the Commerce Secretary of India, Shri Sunil Barthwal.
Select the correct answer using the codes given below:
Only 2
Neither 1 nor 2
Only 1
Both 1 and 2
Correct Answer: D
Detailed Solution
Statement 1 is correct.
At the first Joint Committee Meeting (JCM) under the Ind-Aus ECTA in May 2024, India and Australia established an institutional mechanism for the regular monthly exchange of preferential import data. The Government of India specifically described this mechanism as “first of its kind for FTAs.”
Thus, the “first-of-its-kind initiative” in the question refers to this data-sharing institutional mechanism.
Statement 2 is also correct. The Indian delegation at the first JCM was led by Commerce Secretary Shri Sunil Barthwal, while the Australian delegation was led by George Mina, Deputy Secretary in the Department of Foreign Affairs and Trade.
The meeting discussed several implementation and market-access issues, including Mutual Recognition Arrangements for organic products, pharmaceuticals, whisky and wine, critical minerals and services-related matters.
Another useful fact is that the India-Australia ECTA entered into force on 29 December 2022, providing an important framework for tariff concessions and trade facilitation between the two countries.