NEW DELHI, Nov 8: Commerce and Industry Minister Piyush Goyal on Saturday reviewed the progress of negotiations for the second tranche of trade agreement with his Australian counterpart Don Farrell, an official statement said.
“Both sides reaffirmed their commitment to work constructively towards the early conclusion of a balanced and mutually beneficial CECA (comprehensive economic cooperation agreement),” it said.
The first part of the Economic Cooperation and Trade Agreement (ECTA) entered into force in December 2022.
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 cooperation in mutually beneficial, it said.
In 2024-25, bilateral merchandise trade between India and Australia stood at USD 24.1 billion, with India’s exports registering a growth of 14 per cent in 2023-24 and a further 8 per cent in 2024-25.
INDO-NZ PROPOSED TRADE PACT
The proposed free trade agreement between India and New Zealand is expected to enhance trade flows, deepen investment linkages and strengthen supply-chain resilience, the commerce ministry said on Saturday.
It may also provide greater predictability and market access for businesses in both countries, it said.
Commerce and Industry Minister Piyush Goyal was here to give an impetus to the trade pact negotiations with his New Zealand counterpart Todd McClay.
The fourth round of negotiations on the India-New Zealand Free Trade Agreement (FTA) concluded on November 7, in Auckland and Rotorua.
The ministers “acknowledged the steady progress made during this round and reaffirmed their commitment to work towards a modern, comprehensive, and future-ready FTA,” it said.
Both delegations held detailed engagements across key tracks, including trade in goods, trade in services, economic and trade cooperation, and rules of origin.
“The ongoing discussions reflect the shared resolve of both nations to expedite the process and work towards an early, balanced, and mutually advantageous conclusion of the agreement,” it said.
India’s bilateral merchandise trade with New Zealand stood at USD 1.3 billion in 2024-25, marking a year-on-year growth of nearly 49 per cent.
“The proposed FTA is expected to unlock further potential in sectors such as agriculture, food processing, renewable energy, pharmaceuticals, education, and services, creating new opportunities for businesses and consumers alike,” it added. (PTI)
