Australia India Economic Cooperation and Trade Agreement (AI-ECTA)
On 2 April 2022, Australia’s former minister for Trade, Tourism and Investment, Dan Tehan MP, signed the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) with his Indian counterpart Minister Piyush Goyal in a virtual ceremony attended by Prime Ministers Narendra Modi and his former counterpart Scott Morrison.
“This agreement will turbocharge our close, long-standing and highly complementary economic relationship in areas such as critical minerals, professional services, education and tourism. It will create new opportunities for jobs and businesses in both countries, while laying the foundations for a full free trade agreement,” said Minister Tehan in his release.
AI-ECTA is an interim agreement and both countries continue to work towards a full Comprehensive Economic Cooperation Agreement.
For more information, refer to the outcomes documents and official text of the Australia-India Economic Cooperation and Trade Agreement.
Australia’s Minister for Trade, Tourism and Investment, Dan Tehan MP, signs the Australia-India Economic Cooperation and Trade Agreement
Second Australia-India Virtual Summit
On March 21, Australia's former Prime Minister - the Hon Scott Morrison MP and India's Prime Minister the Hon Shri Narendra Modi - held their second Virtual Summit and took stock of the remarkable pace at which we are implementing the Australia-India Comprehensive Strategic Partnership (CSP), agreed in 2020. Since November 2021, the Australian Government has announced AUD 280 million (INR 1500 crore) worth of new initiatives across the breadth of our relationship.
The leaders re-committed to concluding an Interim Comprehensive Economic Cooperation Agreement (CECA) at the earliest and work towards an ambitious, full CECA by the end of the year to enhance trade and investment ties and deepen the CSP.
Prime Minister Modi welcomed Australia’s special gesture in returning 29 ancient artefacts to India which included sculptures, paintings and photographs, across centuries, from different parts of India. The meeting reinforced the warm, close bonds between India and Australia and the Leaders reiterated their commitment to further accelerate bilateral cooperation under the Comprehensive Strategic Partnership.
Australia India Joint Statement - Australia-India Virtual Summit | Prime Minister of Australia (pm.gov.au)
Opening Remarks by the Prime Ministers - Remarks, Virtual Annual Leaders’ Meeting with Prime Minister Modi | Prime Minister of Australia (pm.gov.au)
Australia and India to establish taskforce on qualifications recognition - https://ministers.dese.gov.au/robert/australia-and-india-establish-taskforce-qualifications-recognition
Unlocking opportunities in India for Australian METS firms - https://www.minister.industry.gov.au/ministers/pitt/media-releases/unlocking-opportunities-india-australian-mets-firms
Oped by the High Commissioner https://www.thehindu.com/opinion/op-ed/realising-the-potential-of-maitri-and-mateship/article65246697.ece
Prime Ministers interacting during the second Australia India Annual Leaders' Meeting
India Economic Strategy to 2035
On 22 March, Australia’s former minister for Trade, Tourism and Investment, The Hon Dan Tehan MP launched an Update to the landmark 2018 India Economic Strategy. The update presents a five year action plan to deepen Australia’s economic integration with India and details many of the Government’s new initiatives.
As part of the update, Australia will provide additional investment in the relationship including:
- $16.6 million to strengthen linkages with India’s key policy & finance institutions;
- $8.9 million to support enhanced business engagement and an increased Austrade’s presence in India.
More information on the Update to India Economic Strategy to 2035: https://dfat.gov.au/IESUpdate
Minister Dan Tehan’s Media Release: https://www.trademinister.gov.au/minister/dan-tehan/media-release/investing-australia-india-relationship
Australia announces new Consulate General in Bengaluru and a Centre of Excellence to boost tech ties with India
Australia is strengthening its technology partnership with India through the establishment of a new Consulate-General in Bengaluru and a Centre of Excellence for Critical and Emerging Technology Policy, also to be based in India. As announced by Australia's former Prime Minister Scott Morrison at the Bengaluru Tech Summit, the new consulate would focus on deepening Australia’s ties with Indian innovators, technologists and entrepreneurs as well as support Australian businesses in India’s cybertech hub. The Centre of Excellence for Critical & Emerging Technology Policy will bring together Australian and Indian technologists, policy practitioners, academics, researchers & thought leaders and will help guide the responsible development and use of critical technologies.
Click here for former Prime Minister’s remarks at the Bengaluru Tech Summit
Media Release: Strengthening our technology partnership with India
Prime Minister Scott Morrison delivered the key note address at the Bengaluru Tech Summit
Australia and India trade deal
Australia's former Minister for Trade, Tourism and Investment, the Hon Dan Tehan MP, concluded a successful visit to India. Minister Tehan met his Indian counterpart Minister Piyush Goyal and agreed to resume negotiations for the Australia-India Comprehensive Economic Cooperation Agreement (CECA). Both the Ministers committed to conclude the negotiations on a full CECA by the end of 2022, including to reach an interim agreement by December 2021, to liberalise & deepen bilateral trade. Minister Tehan also met the Indian Education Minister, Shri Dharmendra Pradhan, and discussed ways to strengthen the strategic partnership, especially in the education and skill development sectors.
Australia's Minister for Trade, Tourism and Investment, the Hon Dan Tehan MP with India's Trade Minister Piyush Goyal
Prime Minister Malcolm Turnbull released Australia’s India Economic Strategy in Brisbane. The strategy, led by former DFAT Secretary Peter Varghese, is an ambitious plan to grow the economic partnership between India and Australia out to 2035.
Capturing India’s economic transformation (video link or watch below)