India, Australia discuss trade in goods, services, investment issues

Auckland: Minister of Commerce and Industry Piyush Goyal discussed issues related to trade in goods, services, investment and mutually beneficial cooperation with his Australian counterpart during his visit to Melbourne on November 8, the government said.

He held bilateral meetings with Australian Minister of Trade and Tourism Senator Don Farrell and Minister of Skills and Training Andrew Giles.

“Constructive discussions have focused on unlocking the full potential of the India-Australia Economic Partnership, including an ambitious and balanced India-Australia Comprehensive Economic Cooperation Agreement (CECA),” the ministry of commerce and industry said in a statement on Saturday. he said.
During the meeting, ministers reviewed the progress made under the CECA negotiations and discussed ways to increase bilateral trade and economic partnerships. The talks covered a wide range of areas, including trade in goods, services, investment and mutually beneficial cooperation.

In FY25, bilateral goods trade between India and Australia stood at $24.1 billion, while India’s exports increased by 14% in FY24 and another 8% in FY25.

“Both sides reiterated their commitment to work constructively towards the early conclusion of a balanced and mutually beneficial CECA, built on the foundation of the India-Australia Economic Cooperation and Trade Agreement (ECTA), which entered into force in December 2022,” the statement said. Goyal also met with distinguished business representatives from the Indian diaspora, accompanied by Farrell Giles.

“The interaction highlighted opportunities for stronger trade links and underlined the community’s role in promoting bilateral economic ties,” the ministry added.