Australia is actively negotiating a Comprehensive Economic Cooperation Agreement (CECA) with India, Australia’s Minister for Trade and Tourism, Don Farrell, said on Wednesday.
His remarks followed a meeting with India’s Union Commerce and Industry Minister, Piyush Goyal, in Adelaide.
Farrell described the CECA as an “ambitious” trade agreement that aims to enhance economic ties between the two nations. He said, “Our government has also finished consultations on a new roadmap for Australia’s economic engagement with India, which presents enormous growth opportunities for Australian businesses in clean energy, agribusiness, education and skills, and tourism.”
“Since this trade deal entered into force in November 2022, around USD 30 billion worth of Australian exports have entered India tariff-free, and Australians have saved around USD 225 million on goods from India,” he added.
Highlighting the rapid growth of trade and investment between Australia and India, Farrell emphasized, “Our two countries are close partners, and our economic relationship is growing faster than ever”, he said.
(Inputs from ANI)