India, Australia push for early conclusion of CECA trade pact

Commerce and Industry Minister Piyush Goyal on Saturday reviewed the progress of the second phase of trade negotiations with his Australian counterpart Don Farrell, as both countries seek to finalise a comprehensive trade pact.

An official statement said both sides “reaffirmed their commitment to work constructively towards the early conclusion of a balanced and mutually beneficial Comprehensive Economic Cooperation Agreement (CECA).”

The first stage of the Economic Cooperation and Trade Agreement (ECTA) between the two nations came into effect in December 2022.

During the latest meeting, Goyal and Farrell reviewed the progress achieved so far under the CECA negotiations and discussed ways to further deepen bilateral trade and economic ties.

The discussions covered a broad range of areas, including trade in goods and services, investment, and cooperation in mutually beneficial sectors, the statement said.

In 2024–25, bilateral merchandise trade between India and Australia stood at USD 24.1 billion. India’s exports to Australia rose by 14 per cent in 2023–24, followed by another 8 per cent growth in 2024–25.