India, Australia In Talks To Finalise Second Phase Of CECA: Piyush Goyal

New Delhi, Aug 18 (KNN) Union Commerce and Industry Minister Piyush Goyal held a constructive meeting with Australian Trade and Tourism Minister Senator Don Farrell. 

The discussions focused on finalising the second tranche of the India-Australia Comprehensive Economic Cooperation Agreement (CECA), aimed at further strengthening trade and investment ties between the two countries, Goyal said in a post on X.

The talks build on the success of the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA), which is now in its third year. 

The pact has been credited with driving bilateral growth, strengthening economic complementarities, and creating opportunities for businesses, MSMEs, and jobs in both countries.

Since the agreement’s signing, bilateral merchandise trade has more than doubled, according to earlier government data. 

Key sectors such as textiles, chemicals, and agriculture have shown notable gains, while newer product lines — including gold studded with diamonds and turbojets — point to a widening trade basket. 

On the import side, access to critical raw materials like metalliferous ores, cotton, and wood products has supported India’s industrial base, highlighting the agreement’s mutually beneficial nature.

While significant progress has been made, sectors such as electronics and engineering continue to offer scope for expansion. 

The long-term target remains ambitious: achieving AUD 100 billion in bilateral trade by 2030.

(KNN Bureau)