Trade Minister Dan Tehan says Australia and India will agree on an interim trade deal by the end of the year.Credit:Sarah Baker
The European Union did not name the submarine controversy as its reason for delaying the 12th round of negotiations,which were due to start in October,but the move did not surprise Australian officials aware of the French fury over submarines.
Mr Tehan flies to Europe in the coming days after holding talks in New Delhi on Thursday to clear the way for an interim trade deal with India to be signed by Christmas as a step toward a final agreement next year.
The Trade Minister called the interim deal an “early harvest” on a pact that aims to expand a $24 billion trade relationship between India and Australia.
Loading
The EU deal is much larger,given about $80 billion in two-way trade between the two sides,with Australian imports making up three quarters of the total.
The EU is also Australia’s second largest source of foreign investment,pouring $778.7 billion into the country in 2020 while Australia invested $338.7 billion in the EU.
Speaking in New Delhi alongside Indian Commerce Minister Piyush Goyal,Mr Tehan told journalists he wanted an interim trade deal within months.