India, Australia agree to take trade relations to next level

New Delhi: India and Australia on Sunday acknowledged the significance of their trading relations, as bilateral trade exceeded $31 billion during the last financial year. Commerce Minister Piyush Goyal and Australia's trade minister Don Farrell met to discuss next steps for further enhancing the bilateral economic relationship.

They discussed implementation of the economic cooperation and trade agreement (ECTA), negotiations for the India-Australia Comprehensive Economic Cooperation Agreement (CECA) and further developing two-way investment.

Both the ministers agreed that given the trade complementarities between the two countries, there is considerable potential for significantly enhancing bilateral trade within the next five years. The ministers also discussed engagement in the G20, the Indo-Pacific Economic Framework (IPEF) and the World Trade Organisation (WTO).

They agreed that Australia and India share high ambition for the IPEF, as evidenced at the special round of IPEF negotiations in New Delhi, and would continue to work together though IPEF on areas of mutual interest, including the clean economy and resilient supply chains.