India-Australia bilateral trade exceeded AUD 24 billion last year

Union Minister for Commerce and Industry Piyush Goyal held talks with Dan Tehan MP, Minister for Trade, Tourism and Investment, Australia and agreed to expedite the bilateral Comprehensive Economic Cooperation Agreement (CECA) negotiations, a statement released by the Ministry of Commerce and Industry on Thursday said.

According to the Ministry, the two Ministers held their talks through video conference on December 21, 2021 and appreciated the progress made in various rounds of talks between the chief negotiators of both sides and discussed the way forward for an early conclusion of interim agreement.

In this regard, both the Ministers appreciated that bilateral trade talks have been very progressive and both the ministers have decided to deepen the engagement and directed the officials to speed up the negotiations to pave the way for a comprehensive agreement, the Ministry said.

The Ministers agreed they look forward to a balanced trade agreement that benefits both the economies and their people, and that reflects their shared commitment to a rules-based international trading system, the Ministry said.

India and Australia aim to wrap up Comprehensive Economic Cooperation Agreement by 2022-end.

Last year, India-Australia bilateral trade exceeded AUD 24 billion

The proposed trade agreement would cover trade in goods and services, and investment, among others.