India, Australia discuss progress of trade pact talks; agree on early conclusion

Commerce and Industry Minister Piyush Goyal on Saturday reviewed the progress of negotiations for the second tranche of trade agreement with his Australian counterpart Don Farrell, an official statement said.

''Both sides reaffirmed their commitment to work constructively towards the early conclusion of a balanced and mutually beneficial CECA (comprehensive economic cooperation agreement),'' it said.

The first part of the Economic Cooperation and Trade Agreement (ECTA) entered into force in December 2022.

During the meeting, the Ministers reviewed the progress made under the CECA negotiations and discussed pathways to elevate bilateral trade and economic partnerships.

The discussions covered a wide range of areas including trade in goods, services, investment and cooperation in mutually beneficial, it said.

In 2024–25, bilateral merchandise trade between India and Australia stood at USD 24.1 billion, with India's exports registering a growth of 14 per cent in 2023–24 and a further 8 per cent in 2024–25.