India and Australia have agreed to push for faster negotiations on their proposed Comprehensive Economic Cooperation Agreement, or CECA, while reviewing the performance of their existing trade pact to ensure Indian exporters make full use of duty-free access to the Australian market.

Commerce and Industry Minister Piyush Goyal met Australian Minister for Trade and Tourism Senator Don Farrell on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee, United States, on Thursday local time.

Goyal said the discussion focused on expediting the CECA, which is intended to build on the India-Australia Economic Cooperation and Trade Agreement, or ECTA, that came into force in December 2022.

The two ministers also examined prospective cooperation in pharmaceuticals, services, investment, agricultural technology and critical minerals. These sectors are expected to feature prominently in a broader economic partnership, particularly as both countries seek more resilient supply chains.

They reviewed ECTA implementation with emphasis on helping Indian companies utilise the tariff concessions available in Australia. Under the agreement, Australia has progressively opened all tariff lines to eligible Indian exports, providing zero-duty market access across the Australian market.

The CECA negotiations are expected to address areas that go beyond merchandise trade, including services, investment, professional mobility, regulatory cooperation and other market-access issues not fully covered by ECTA.

Earlier, while addressing the Institute of Chartered Accountants of India’s first Oceania International Conference 2026 virtually, Goyal said New Delhi and Canberra were also working towards a bilateral investment treaty.

He described India and Australia as complementary economies and said the two countries were seeking to develop a trusted and durable economic partnership.

Goyal called for stronger governance standards and deeper collaboration in innovation and education. He said Australian universities and Indian students offered a natural basis for expanding academic and skills linkages.

India was Australia’s fifth-largest trading partner in 2025, with two-way goods and services trade reported at about ₹4.52 lakh crore.

In FY2024-25, Australia exported goods and services worth around ₹2.88 lakh crore to India, while its imports from India were valued at approximately ₹1.62 lakh crore.

At the end of 2025, Australia’s investment stock in India stood at about ₹2.41 lakh crore. India’s investment stock in Australia was higher, at roughly ₹4.08 lakh crore.

The renewed push for CECA comes as both countries seek to convert the ECTA’s tariff benefits into higher trade volumes, wider Indian export penetration and greater two-way investment in strategically significant sectors.

ANI