NEW DELHI, 02 October 2021, (TON): Bilateral trade was around $17 billion last year, with India exporting its key services sector and Australian coal going the other way

Australia and India hope to reach a long-pending landmark trade deal by the end of 2022, according to a joint statement released on Friday announcing the formal relaunch of stalled negotiations.

Bilateral trade was around $17 billion last year, with India exporting its key services sector and Australian coal going the other way.

Both are members of the Quad alliance with the United States and Japan, and are looking to deepen strategic ties to counter China as well as economically and in other areas.

Following trade ministers' talks in New Delhi, the two countries backed the "expeditious negotiation" of a Comprehensive Economic Cooperation Agreement.

In the meantime, they plan to reach an "early harvest" interim deal by the end this year under which some duties will already be cut.

The statement said “the two sides hope for a "balanced trade agreement that encourages expanded trade and investment flows to the benefit of both of our economies, and that reflects a shared commitment to the rules-based international trading system.”