Commerce Minister Piyush Goyal met Australian Trade Minister Don Farrell on Thursday in Milwaukee to fast-track the Comprehensive Economic Cooperation Agreement. They reviewed the existing ECTA to help Indian exporters get more duty-free access. Both nations also discussed a bilateral investment treaty to boost cooperation in pharmaceuticals and critical minerals.
Synopsis
India and Australia are looking to accelerate negotiations on their Comprehensive Economic Cooperation Agreement, with Commerce Minister Piyush Goyal and Australian Trade Minister Don Farrell discussing cooperation in pharmaceuticals, services, investment, agri-tech and critical minerals. The two sides also reviewed implementation of their existing ECTA and are working towards a bilateral investment treaty.
Milwaukee: Union Minister of Commerce and Industry Piyush Goyal met with Australian Minister for Trade and Tourism Senator Don Farrell on Thursday (local time) on the sidelines of the G20 Trade Ministers' Meeting, where both leaders discussed fast-tracking the India-Australia Comprehensive Economic Cooperation Agreement (CECA).
Sharing insights about the meeting in a post on X, Goyal said, "Met Senator Don Farrell, Australia's Minister for Trade and Tourism, on the sidelines of the G20 Trade Ministers' Meeting in Milwaukee. Discussed expediting the India-Australia Comprehensive Economic Cooperation Agreement and key areas of collaboration across pharmaceuticals, services, investment, agri-tech and critical minerals. Also reviewed the progress of the India-Australia Economic Cooperation and Trade Agreement (ECTA), ensuring Indian businesses fully leverage duty-free access to the Australian market."
Earlier, virtually addressing the Institute of Chartered Accountants of India's (ICAI) 1st Oceania International Conference 2026, the Minister also said India and Australia are working towards a bilateral investment treaty as the two countries seek to build a trusted partnership, highlighting the complementary strengths of the two economies.
Goyal also called for higher standards of governance and greater cooperation in innovation and education between India and Australia.
Highlighting opportunities in education, he said Australian universities and Indian students complement each other and urged stakeholders to help build stronger educational links between the two countries.
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If we look at the bilateral trade between the two countries, India was Australia's fifth-largest trading partner in 2025, with bilateral trade in goods and services valued at USD 50.2 billion, as per government data.
In FY2024-25, Australia exported goods and services worth USD 32 billion to India and imported USD 18 billion from the country. At the end of 2025, Australia's investment stock in India stood at USD 26.8 billion, while India's investment stock in Australia was valued at USD 45.3 billion.