CURRENT AFFAIRS

Detailed explanation-1: -India, Australia sign historic free-trade deal, PM Modi calls it ‘watershed moment’ India on Saturday signed a massive historic trade deal with Australia aiming to boost economic ties between the two countries.

Detailed explanation-2: -Australia ratifies FTA with India The two sides had signed the Economic Cooperation and Trade Agreement on April 2 this year.

Detailed explanation-3: -The Regional Comprehensive Economic Partnership or RCEP was signed last year by 15 Asia-Pacific countries. The countries are the 10 members of the Association of Southeast Asian Nations and five of their largest trading partners China, Japan, South Korea, Australia and New Zealand.

Detailed explanation-4: -On 16 December 2022, the United Kingdom and the Republic of India concluded the sixth round of talks for a UK-India FTA. As with previous rounds, this was conducted in a hybrid fashion-a number of UK officials travelled to New Delhi for negotiations and others attended virtually.

Detailed explanation-5: -The UAE-India CEPA entered into force on May 1, 2022. As a result of the agreement, businesses can now take advantage of many new benefits, including: Greater access for UAE exports entering the Indian market through the reduction or removal of tariffs on more than 80 per cent of products.