India, Australia working toward finalizing bilateral investment treaty: Piyush Goyal
What's the story
India and Australia are working toward finalizing a Bilateral Investment Treaty (BIT) and a Comprehensive Economic Cooperation Agreement (CECA), Commerce Minister Piyush Goyal announced. The move is aimed at strengthening trade and investment relations between the two countries. Goyal made the announcement during his virtual address at ICAI's first Oceania International Conference 2026 in Australia.
Trade evolution
Negotiations for CECA underway
The two countries had implemented an Economic Cooperation and Trade Agreement (ECTA) in 2022.
Now, they are negotiating to expand its scope into a CECA.
"Now we have decided to work toward a very balanced, fair and equitable, comprehensive economic cooperation agreement," Goyal said.
He added that this would take their relationship "to greater heights."
Strategic partnership
Other key areas of cooperation
Goyal highlighted that Australia has critical minerals while India has manufacturing and processing ambitions.
He said the two countries are also expanding cooperation in education and critical minerals.
"We have also sorted out the problem of cross-border taxation that several service providers, particularly the IT companies, were facing," he added.
The minister stressed on reducing compliance burden on businesses and citizens by respecting each other's due diligence.