New Delhi: In a significant move to bolster economic relations, Union commerce and industry minister Piyush Goyal held high-level talks with his Australian counterparts here on Saturday, with a sharp focus on finalising an ambitious India-Australia Comprehensive Economic Cooperation Agreement (CECA).
The bilateral discussions with Australia’s minister for trade and tourism, senator Don Farrell, and minister for skills and training, Andrew Giles, centred on unlocking the full potential of the economic partnership between the two nations.
The ministers reviewed the ongoing CECA negotiations, building upon the foundation of the existing India-Australia Economic Cooperation and Trade Agreement (ECTA) that came into force in December 2022. Both sides reaffirmed their commitment to an “early conclusion of a balanced and mutually beneficial CECA”, indicating a strong political push to seal the broader deal.
The push for a deeper agreement comes on the back of robust bilateral trade. Official data highlighted that merchandise trade between India and Australia reached $24.1 billion in FY 2024-25. The momentum is strong, with India’s exports growing by 14% in 2023-24 and a further 8% in the following year.
Broad-Based Discussions
The talks covered a wide spectrum of areas, including trade in goods and services, investment, and other avenues for mutually beneficial cooperation.
In a separate event, Goyal, along with the Australian ministers, interacted with select business representatives from the Indian diaspora, underscoring the community’s vital role in strengthening commercial linkages between the two countries.
The meetings signal a concerted effort from both governments to elevate the strategic economic partnership to a new level through a comprehensive trade agreement.