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Q111 (UPPCS/2024) Economy › External Sector & Trade

With reference to "India - Australia Economic Co-operation and Trade Agreement (Ind - Aus ECTA)," which of the following statements is/are correct ?
1. This is a first-of-its-kind initiative of FTAs.
2. The meeting was attended by the Commerce Secretary of India, Shri Sunil Barthwal.
Select the correct answer using the codes given below :

Explanation

The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) entered into force on 29 December 2022. Both statements are correct based on the 1st Joint Committee Meeting (JCM) held in April 2024.

  • Statement 1 is correct: According to the Press Information Bureau (PIB), the Ind-Aus ECTA is described as a first-of-its-kind initiative of FTAs because it established a Chief Negotiators’ level institutional mechanism and includes a unique provision for the regular exchange of preferential import data on a monthly basis to monitor trade flows.
  • Statement 2 is correct: The 1st JCM, held on April 1, 2024, in Canberra, was co-chaired by Shri Sunil Barthwal, the Commerce Secretary of India, and George Mina, Deputy Secretary of the Department of Foreign Affairs and Trade, Australia.
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