The India-Australia Economic Cooperation and Trade Agreement, which covers trade in goods and services, became effective on December 29, 2022. Australia plans to eliminate customs duties on 98.3% of its tariff lines by the end of 2026, while India aims to do so for 69.8% by 2031. The agreement also includes enhanced sectoral commitments beyond those under the WTO General Agreement on Trade in Services (GATS), including provisions for the movement of natural persons.
Australia described this agreement as a significant development in its economic relationship with India, supporting deeper integration into the global economy. It includes measures to strengthen investment certainty, promote regulatory cooperation, and enhance mobility for skilled professionals.
India highlighted that the agreement has driven mutual growth and demonstrates the complementarity of both economies. It has advanced trade ties and created new business and employment opportunities. Both countries are committed to further deepening economic integration.
The Free Trade Agreement between China and Nicaragua came into force on January 1, 2024. By the end of the transition period in 2038, China will make 95.2% of its tariff lines duty-free, while Nicaragua will do so for 94.8%. Approximately 5% of tariff lines will retain tariffs after full implementation. The agreement follows a negative list approach for trade in services and introduces new or improved commitments compared to GATS obligations in areas such as business services and health services. It also includes provisions related to the environment, competition, dispute settlement, small and medium enterprises, and e-commerce.
China stated that this agreement establishes a high level of openness between both economies regarding trade in goods and services as well as investment potential due to their complementary nature.
Nicaragua emphasized that this agreement builds upon the July 2022 Early Harvest Agreement and will provide mutual benefits by transforming production structures along with trading and investment opportunities.
The Free Trade Agreement between China and Cambodia began on January 1, 2022. Under this arrangement, China is set to eliminate customs duties on 97.3% of its tariffs by 2041; Cambodia plans similar action for 90% within that timeframe. Much tariff elimination has already occurred since inception through "front-loaded" reductions from both parties’ sides—Cambodia’s sectoral commitments remain aligned with existing GATS agreements except limited sectors whereas enhancements apply across several Chinese sectors under this deal alongside Belt Road Initiative (BRI) cooperation clauses too being present therein
China remarked it marks first bilateral FTA signed least-developed country LDC setting example others like itself plus features independent chapter BRI-related collaboration enhancing value chains mutually beneficially likewise
Cambodia affirmed consistency WTO commitments ensuring substantial trade volume sees eliminated duties simultaneously offering broader developmental strategy contributions economically socially alike thereby facilitating progress generally speaking
Regarding RTA Transparency Mechanism Committee noted one notification newly submitted additionally five changes announced since last session November previous year early announcement made concerning signature another yet unspecified deal similarly mentioned during proceedings
Outgoing chair Ambassador Salomon Eheth Cameroon observed thirty RTAs involving solely WTO members thirty-eight involving non-members requiring factual presentation good service separation purposes plus fifty-eight currently unnotified updates circulated before meeting accessible database form accordingly encouraged timely notifications despite small delegation capacity constraints potentially causing delays reported therein
Committee acknowledged updated schedule submissions implementation reports RTAs noting March first deadline two hundred twenty-three total fifteen more due throughout current calendar year respectively anticipated forthcoming months henceforth planned accordingly
Ambassador José Valencia Ecuador elected new Committee Chair succeeding Ambassador Eheth role next scheduled meetings June seventeenth November tenth two thousand twenty-five respectively