India-Australia is in talks for a comprehensive economic cooperation agreement: Australian Minister

Australia is continuing negotiations with India for a Comprehensive Economic Cooperation Agreement, Australia’s Minister for Trade and Tourism, Special Minister of State Don Farrell said in a statement while welcoming Union Commerce and Industry Minister Piyush to Adelaide.

“We are continuing negotiations on our next trade agreement with India, an ambitious Comprehensive Economic Cooperation Agreement,” he added in a statement issued to the media.

“Our government has also finished consultations on a new roadmap for Australia’s economic engagement with India, which presents enormous growth opportunities for Australian business in clean energy, agribusiness, education and skills, and tourism,” he added.

Farrell stated that our first trade agreement with India has strengthened our economies, creating more jobs and opportunities for businesses and exporters while reducing prices at the checkout.

“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.

The Australian Minister added that both countries are close partners, and our trade, investment, and economic relationship is growing faster than ever.

In his ongoing visit to Australia, Goyal had a number of productive engagements on the second day (September 24).

He was the Chief Guest at the 22nd National Conference of the Confederation of Real Estate Developers’ Associations of India (CREDAI) in Sydney.

The conference brought together about 1100 real estate developers from India to Australia, as per the Ministry of Commerce and Industry.

In his address, the Minister urged the real estate industry to adopt even more effective measures for the well-being of millions of workers employed in it.

He appreciated the contribution of the real estate sector to the growth of the Indian economy and encouraged them to consider expanding their operations in international markets such as Australia.

The minister also met several emerging Indian-origin and Australian leaders in different sectors at an event organised by the High Commission of India and the India-Australia Business Community Alliance (IABCA).