Australia-India Comprehensive Economic Cooperation Agreement
About the Australia-India Comprehensive Economic Cooperation Agreement negotiations
Recent years have seen remarkable growth in the trading relationship between India and Australia, fuelled by the many complementarities between the two economies. Two-way trade in goods and services has grown in value from $13.6 billion in 2007 to $30.4 billion in 2018.
India is the world's largest democracy and is a market of 1.3 billion people. Its youthful population, diversified economy and growth trajectory present significant opportunity for Australian business, including in education, agriculture, energy, resources, tourism, healthcare, financial services, infrastructure, science and innovation, and sport.
Australia and India launched negotiations for a Comprehensive Economic Cooperation Agreement in May 2011. There have been nine rounds of negotiations, the most recent of which was held in September 2015.
The Australian Government is putting its weight behind enhancing economic ties with India. On 22 November 2018, the Government formally endorsed the independent India Economic Strategy and its ambitious vision for bilateral trade and investment by 2035.
As part of the Comprehensive Strategic Partnership between India and Australia, Prime Ministers Morrison and Modi decided to re-engage on a bilateral Comprehensive Economic Cooperation Agreement (CECA) while suitably considering earlier bilateral discussions, where a mutually agreed way forward can be found.