India and Australia are expected to conclude negotiations and sign a “Comprehensive Economic Co-operation Agreement (CECA)” or a free trade agreement (FTA) by June or July this year, an Indian government official said on Thursday, May 25.
This would be an upgrade of the India-Australia Economic and Co-operation and Trade Agreement (IndAusECTA) signed between the two countries on April 2, 2022, taking effect from November 29, 2022.
India and Australia have implemented an economic cooperation and trade agreement (ECTA) and are now negotiating to expand its scope for the CECA, the official said.
The bilateral trade between the two countries amounted to nearly $27 billion in 2021-22 and is expected to reach $45-50 billion by 2035.