CURRENT AFFAIRS

Detailed explanation-1: -Details here. A joint feasibility study on the agreement, officially dubbed the Comprehensive Economic Partnership Agreement (CEPA), has been carried out after the two countries agreed to explore the possibility of negotiating a trade pact.

Detailed explanation-2: -The Australia-India Economic Cooperation and Trade Agreement was signed by then Minister for Trade, Tourism and Investment Dan Tehan and India’s Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles of India Piyush Goyal on 2 April 2022.

Detailed explanation-3: -Mumbai, 29 December 2022 After the entry into force of India UAE Comprehensive Economic Partnership Agreement on May 1 earlier this year, the India-Australia Economic Cooperation and Trade Agreement (#IndAusECTA) has come into effect from today, i.e., December 29, 2022.

Detailed explanation-4: -India has signed 13 Free Trade Agreements (FTAs) with its trading partners, including the 3 agreements: India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA). India-UAE Comprehensive Partnership Agreement (CEPA). India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).

Detailed explanation-5: -India has signed 13 Regional Trade Agreements (RTAs)/Free Trade Agreements (FTAs) with various countries/regions namely, Japan, South Korea, countries of ASEAN region and countries of South Asian Association for Regional Cooperation (SAARC)Mauritius, United Arab Emirates, Australia.