NEW DELHI: Commerce and Industry Minister Piyush Goyal met Australian counterparts Don Farrell, Minister for Trade and Tourism, and Andrew J Giles, Minister for Skills and Training, in Melbourne on November 8 to reinforce the India–Australia economic partnership.

“Our constructive discussions focused on unlocking the full potential of the India–Australia economic partnership, including through an ambitious and balanced Comprehensive Economic Cooperation Agreement,” Goyal posted on X.

The meeting builds on the success of the Economic Cooperation and Trade Agreement (ECTA) signed in 2022, which has already accelerated trade between the two countries.

Trade Targets and Market Access

India’s major exports to Australia include petroleum products, engineering goods, and pharmaceuticals, while Australia exports coal, gold, and copper to India. The two nations aim to reach $100 billion in bilateral trade by 2030, reflecting their expanding economic synergy.

In FY25, trade between India and Australia stood at $24.1 billion, with India’s exports valued at $8.58 billion and imports at $15.52 billion.

Under the ECTA, Australia has granted preferential market access on 100 per cent of its tariff lines for Indian products, including textiles, jewellery, and leather goods. In turn, India has extended preferential access on over 70 per cent of its tariff lines for Australian raw materials and intermediaries such as coal and mineral ores.

Momentum in Trade Diplomacy

Minister Goyal’s Australia visit followed the conclusion of his trip to New Zealand, where both nations successfully completed the fourth round of negotiations on a Free Trade Agreement (FTA) in Auckland and Rotorua.

According to the Commerce Ministry, five days of constructive discussions covered all major tracks, including trade in goods and services, economic cooperation, and rules of origin.

Both Goyal and New Zealand’s Trade Minister Todd McClay reaffirmed their commitment to achieving a modern, comprehensive, and future-ready FTA, pledging to sustain negotiation momentum through inter-sessional work.