Comprehensive Economic Cooperation Agreement (CECA):
India and Australia are fast-tracking negotiation regarding the bilateral Comprehensive Economic Cooperation Agreement (CECA).
- India’s exports to Australia amounted to $4.04 billion while imports were $8.24 billion in FY21.
- Major Indian exports to Australia are petroleum products, medicines, polished diamonds, gold jewellery, apparel etc, while key Australian exports to India include coal, LNG, alumina and non-monetary gold.
- In services, major Indian exports include travel, telecom and computer, government and financial services, while Australian services exports were principally in education and personal travel.
- In 2020, India was Australia’s seventh-largest trading partner and sixth largest export destination, driven by coal and international education.