India, Australia for early conclusion of pact on market access

Piyush Goyal and Don Farrell pleased with progress in negotiations; CECA will create new jobs, raise living standards, says joint statement

Commerce and Industry Minister Piyush Goyal and his Australian counterpart Don Farrell convened the India-Australia Joint Ministerial Commission on Saturday and discussed negotiations for a full-scale free trade pact and steps to spur investment flows into both countries.

In a joint communique issued on Sunday, Mr. Goyal and Mr. Farrell, Australia’s Trade and Tourism Minister, said they were pleased with the progress in resolving various bilateral technical market access issues and “look forward to concluding” the India-Australia Comprehensive Economic Cooperation Agreement (CECA) soon.

“Prime Minister Narendra Modi and Prime Minister Anthony Albanese look forward to an early conclusion of an ambitious CECA, which will build on the foundation laid by the Economic Cooperation and Trade Agreement [signed last year], including new areas of trade, investment and cooperation. CECA will create new employment opportunities, raise living standards and improve the general welfare in both countries,” the statement said.

The Ministers also discussed engagements in the G-20, the Indo-Pacific Economic Framework (IPEF) and the World Trade Organization (WTO).

On the IPEF, the Ministers said the two countries would continue to work together on areas of mutual interest, including the clean economy and resilient supply chains.