India, Australia working on comprehensive trade pact: PM Modi
PM Narendra Modi with Australian PM Anthony Albanese.

Sydney: Prime Minister Narendra Modi on Tuesday said India and Australia are working on a Comprehensive Economic Cooperation Agreement (CECA), and exuded confidence that the bilateral trade will more than double in five years.

The two countries have already signed India-Australia Economic Cooperation and Trade Agreement (ECTA), he said expressing hope the pact will help in doubling the two-way commerce in the next five years.

Addressing a community event at Sydney’s Qudos Bank Arena, the Prime Minister said the two countries are now working on CECA.

“We are building a resilient and reliable supply chain. This will strengthen the business of both countries,” he said.

Modi, who is visiting Australia as a guest of the Australian government, said the air connectivity between India and Australia has increased and the number of flights would go up further in the coming days.

Australia was the 13th largest trading partner of India in 2022-23. While exports stood at USD 6.95 billion, imports from that country in the last fiscal aggregated at USD 19 billion.

India is Australia’s largest export market for gold and chickpeas, the second-largest market for coal and copper ores and the third-largest market for lead and wool.

The India-Australia ECTA is the first trade agreement of India with a developed country after more than a decade. ECTA provides for an institutional mechanism to encourage and improve trade between the two countries.

During April 2000 and December 2022, India received USD 1.07 billion in investments from Australia, according to government data.

Dear Reader,
Over the past four years, EastMojo revolutionised the coverage of Northeast India through our sharp, impactful, and unbiased overage. And we are not saying this: you, our readers, say so about us. Thanks to you, we have become Northeast India’s largest, independent, multimedia digital news platform.
Now, we need your help to sustain what you started.
We are fiercely protective of our ‘independent’ status and would like to remain so: it helps us provide quality journalism free from biases and agendas. From travelling to the remotest regions to cover various issues to paying local reporters honest wages to encourage them, we spend our money on where it matters.
Now, we seek your support in remaining truly independent, unbiased, and objective. We want to show the world that it is possible to cover issues that matter to the people without asking for corporate and/or government support. We can do it without them; we cannot do it without you.
Support independent journalism, subscribe to EastMojo.

Thank you,
Karma Paljor

Earlier in the day, Modi met business leaders of top Australian companies here and called for enhancing cooperation with the Indian industry in areas such as technology, skilling, and clean energy.

He held bilateral meetings with Hancock Prospecting Executive Chairman Gina Rinehart, Fortescue Future Industry Executive Chairman Andrew Forrest, and Australia Super CEO Paul Schroder.

Also Read | India-US Working Group on Education and Skill Devp launched

Trending Stories

Latest Stories

Leave a comment

Leave a comment