Inside Piyush Goyal’s High-Stakes Talks to Supercharge India-Australia Economic Ties

On November 8, 2025, Commerce and Industry Minister Piyush Goyal engaged in high-level bilateral talks with Australian Trade and Tourism Minister Don Farrell, and Minister for Skills and Training Andrew Giles in Melbourne. The discussions focused on advancing the India-Australia Comprehensive Economic Cooperation Agreement (CECA), seen as a strategic framework to unlock the full potential of the economic partnership between both countries.

The ministers reviewed the latest progress on negotiations, covering trade in goods, services, investment flows, and broader economic cooperation. Both sides reiterated their commitment towards the early conclusion of a balanced and mutually beneficial CECA, which will build upon the existing Economic Cooperation and Trade Agreement (ECTA) that came into effect in December 2022.

Bilateral merchandise trade between India and Australia reached USD 24.1 billion in fiscal year 2024-25, with India’s exports growing by 14% in 2023-24 and continuing by 8% in the current year. Goyal also met with members of the Indian-Australian business community, emphasizing the crucial role of diaspora entrepreneurs in fostering stronger commercial ties.

Key Highlights:

Piyush Goyal held bilateral meetings with Australian ministers Don Farrell and Andrew Giles in Melbourne.

Focus on accelerating India-Australia CECA negotiations to enhance trade and investment.

Reviewed progress since the December 2022 Economic Cooperation and Trade Agreement (ECTA).

Bilateral trade touched USD 24.1 billion in 2024-25, with sustained export growth from India.

Discussions spanned goods, services, investment, skills, and cooperative economic initiatives.

Emphasis on early conclusion of a balanced and mutually beneficial trade agreement.

Engagement with Indian-Australian business community to strengthen economic partnerships.

Sources: Economic Times, The Australia Today, Business Standard, The Indian Sun