India’s Commerce and Industry Minister, Piyush Goyal, held discussions with a senior Australian delegation in Melbourne after wrapping-up trade talks with his counterpart in New Zealand, where he reaffirmed India’s commitment to concluding a trade pact before the year ends.
Goyal met Australian Minister for Trade and Tourism, Don Farrell, and Australia’s Minister for Skills and Training, Andrew Giles, in Melbourne, to negotiate on a mutually-beneficial Comprehensive Economic Cooperation Agreement (CECA) between the two countries.
Goyal, while talking to the press, said that the discussions focused on unlocking the full potential of the India-Australia Economic Partnership, including a CECA.
"Our constructive discussions focussed on unlocking the full potential of the India-Australia economic partnership, including through an ambitious and balanced Comprehensive Economic Cooperation Agreement," he said.
India has been seeking a wider group of trading partners after US imposed high sanctions of 50 per cent on Indian goods, partly as punitive measure for buying Russian crude oil. Additionally, China’s tighter controls over its rare earth and critical minerals’ exports, which are vital for a variety of electronics, smartphones, electric vehicles and semiconductors, has also prompted India to renew economic and trade partnerships with countries rich in rare earth metals, like Australia, Chile and Peru.
Goyal’s Australia visit was also significant for reviewing the progress of the negotiations on the India-Australia CECA, and further discussions on pathways that can elevate bilateral trade and economic cooperation between the two nations. The ministers reviewed ongoing work under the existing Economic Cooperation and Trade Agreement (ECTA), which came into effect in December 2022.
According to official data, bilateral merchandise trade between the two countries reached USD 24.1 billion in FY 2024-25, with India’s exports growing by 14 per cent in FY 2023-24 and a further 8 per cent in FY 2024-25.
The union minister’s visits to New Zealand and Australia concluded on November 8.
Also Read: India, New Zealand wrap-up 4th round of FTA talks
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