India and Australia are set to enhance their bilateral economic relationship through the implementation of the Economic Cooperation and Trade Agreement (ECTA), negotiations for the India-Australia Comprehensive Economic Cooperation Agreement (CECA), and further development of two-way investment, according to the ministry of commerce and industry.
In a recent meeting at the 18th India-Australia Joint Ministerial Commission, India’s minister of commerce and industry, Piyush Goyal, and Australia’s minister for trade and tourism, Senator the Don Farrell, met to discuss next steps for further enhancing the bilateral economic relationship. The ministers also discussed engagement in the G20, the Indo-Pacific Economic Framework (IPEF) and the World Trade Organization (WTO).
The ministers look forward to concluding CECA as soon as possible, are pleased with the progress resolving various bilateral technical market access issues and look forward to continuing engagement, the Commerce Ministry said.
Both countries’ representatives also noted that Prime Minister Narendra Modi and Prime Minister Anthony Albanese look forward to swift progress in negotiations and for an early conclusion of ambitious CECA, which will build on the foundation laid by the ECTA, including new areas of trade, investment and cooperation. CECA will create new employment opportunities, raise living standards, and improve the general welfare in both countries.
Minister Farrell reiterated Australia’s strong support for India’s G20 presidency. Ministers agreed that the G20 needs to help the world navigate a pathway back to strong, sustainable, and inclusive growth, including accelerating progress to achieve the sustainable development goals.
Australia and India have agreed to continue working together through the IPEF on areas of mutual interest, including the clean economy and resilient supply chains. They also reaffirmed the importance of the multilateral trading system with the WTO at its core and committed to improving its functions and having a fully functioning dispute settlement system by 2024.
Bilateral trade between the two countries exceeded $31 bn last financial year, and both countries agreed on the potential for significant enhancement of bilateral trade in the next 5 years.
