IndiaAustraliaTrade – Modi and Albanese Push for Stronger Economic Partnership in Melbourne
IndiaAustraliaTrade – Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese met business leaders in Melbourne on Thursday, reaffirming their intention to expand trade, investment and commercial cooperation between India and Australia.
The two leaders took part in the India-Australia CEO Forum and the Economic Roadmap Business Reception during Modi’s visit to Australia. Their engagement with industry representatives focused on strengthening business links and identifying new opportunities for companies in both countries.
Economic Agreement Boosts Business Links
Addressing the gathering, Modi said the Economic Cooperation and Trade Agreement, or ECTA, had given fresh momentum to economic relations since it came into effect. The agreement was finalised in 2022 and opened wider access to markets for businesses on both sides.
According to the Prime Minister, Indian exports to Australia have doubled since the implementation of the trade pact. He said the agreement had helped companies in both countries explore new commercial opportunities and build stronger supply connections.
Modi also referred to the wider global economic environment, which continues to be affected by uncertainty, disruptions in supply chains and energy-related pressures. He said India and Australia were well placed to work together as reliable partners during a period of economic change.
Trade Growth Seen Since ECTA Implementation
Indian High Commissioner to Australia Nagesh Singh said the visit was expected to produce several outcomes from discussions between the two prime ministers. He noted that bilateral trade had risen significantly since the ECTA agreement was signed.
Singh said two-way trade between India and Australia had increased by around 25 percent and was now close to 54 billion Australian dollars. However, he said the current figure remained below the potential offered by the size and growth prospects of the two economies.
He added that both countries were continuing negotiations on a Comprehensive Economic Cooperation Agreement, known as CECA. The proposed agreement is expected to cover a wider range of sectors and could provide a deeper framework for trade and investment ties.
Focus on Comprehensive Economic Cooperation Agreement
The High Commissioner described the CECA negotiations as complex but said there had been progress in the discussions. He said the agreement could create broader opportunities for businesses and support a more extensive economic partnership between the two nations.
The Melbourne meetings were also expected to review the progress made under existing trade arrangements and assess the next steps in investment cooperation. Business leaders from India and Australia participated in the forum, reflecting growing interest in sectors including technology, energy, education and infrastructure.
Modi Begins Second Leg of Three-Nation Tour
Modi arrived in Australia on Wednesday after completing the first leg of his three-nation visit in Indonesia. He received a welcome from members of the Indian community, where cultural performances highlighted connections between the two countries.
His discussions with Albanese are expected to cover a wide range of areas beyond trade. These include defence and security cooperation, education, mobility, people-to-people exchanges, emerging technologies and critical technology partnerships.
In a statement before leaving India, Modi said the Australia visit would provide an opportunity to further strengthen cooperation in sports and sports science as well.
The Prime Minister is scheduled to travel to New Zealand after concluding his engagements in Australia, completing the final leg of his regional tour.