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Union Minister for Commerce and Industry, Piyush Goyal, held a productive meeting with Australian Minister of Trade and Tourism Senator Don Farrell.
The discussions centred on finalising the second tranche of the India-Australia Comprehensive Economic Cooperation Agreement (CECA) further to enhance the trade and investment ties between our nations, the minister posted on X. The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) is in its third year of remarkable success, driving mutual growth and showcasing the complementarity of both economies. The Ind-Aus ECTA has significantly advanced trade ties, creating new opportunities for MSMEs, businesses and employment in both nations while reinforcing the foundation of their economic partnership. Since its signing, bilateral merchandise trade has more than doubled, according to an old government statement. Key sectors like textiles, chemicals, and agriculture have shown substantial growth, while exports on new lines, including gold studded with diamonds and turbojets highlight the diversification enabled by the agreement. Imports of essential raw materials, such as metalliferous ores, cotton, wood and wood products have fuelled India's industries, contributing to the win-win nature of this partnership. Sectors such as electronics and engineering have room for growth, the statement had asserted. The aim is to achieve trade to reach AUD 100 billion by 2030 between India and Australia. (ANI)
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