India’s Commerce and Industry Minister Piyush Goyal has described his meeting with Australian Minister of Trade and Tourism Senator Don Farrell as “productive,” saying the focus was on “finalising the second tranche of the India-Australia Comprehensive Economic Cooperation Agreement (CECA) to further enhance the trade & investment ties between our nations.”
Goyal’s statement on 17 August reflects the push from both governments to accelerate negotiations on a deal that would expand on the Economic Cooperation and Trade Agreement (ECTA), which came into force in December 2022. ECTA has already delivered tariff cuts covering most two-way trade: more than 85 per cent of Australian exports to India are now duty free, with that figure set to rise to 90 per cent by 2026, while 96 per cent of Indian imports into Australia are tariff free, climbing to 100 per cent by 2026.
Talks on CECA are aimed at widening market access, especially in services and investment, with both governments working toward the target of lifting bilateral trade to around $100 billion by 2030. But sensitive areas such as dairy and wine have slowed progress, and negotiators are expected to return to these issues in upcoming rounds.
The meeting follows a series of steps taken last year to deepen ties, including the announcement of a new Investment, Trade, Technology and Tourism office in Sydney and additional support under Australia’s Maitri Grants programme. These measures add to the trade architecture already in place and signal intent to keep momentum despite the delays.
Held online, the meeting marks another step in efforts to keep the negotiations moving. While some areas remain contentious, the message from both ministers is that momentum is being maintained and the process remains on track.
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