(MENAFN- AsiaNet News)

Union Commerce and Industry Minister Piyush Goyal visited Melbourne, Australia, on Saturday to hold bilateral discussions with Minister for Trade and Tourism of Australia Senator Don Farrell and Minister for Skills and Training Andrew Giles. The constructive discussions focused on unlocking the full potential of the India-Australia Economic Partnership, including through an ambitious and balanced India-Australia Comprehensive Economic Cooperation Agreement (CECA).

Strengthening Economic Ties Through CECA

During the meeting, the Ministers reviewed the progress made under the CECA negotiations and discussed pathways to elevate bilateral trade and economic partnerships. The discussions covered a wide range of areas, including trade in goods, services, investment and mutually beneficial cooperation.

In FY 2024-25, bilateral merchandise trade between India and Australia stood at USD 24.1 billion, with India's exports registering a growth of 14% in 2023-24 and a further 8% in 2024-25. Both sides reaffirmed their commitment to work constructively towards the early conclusion of a balanced and mutually beneficial CECA, building on the foundation of the India-Australia Economic Cooperation and Trade Agreement (ECTA), which entered into force in December 2022.

Engaging the Indian Diaspora

Piyush Goyal also engaged with select business representatives from the Indian diaspora, accompanied by Minister Farrell and Minister Giles. The interaction highlighted opportunities for stronger commercial linkages and underscored the community's role in advancing bilateral economic ties.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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