Prime Minister Narendra Modi will begin a three-day official visit to Australia from July 8 to 10 at the invitation of Australian Prime Minister Anthony Albanese. The visit is expected to inject fresh momentum into the India-Australia Comprehensive Strategic Partnership, with discussions likely to focus on trade, investment, critical minerals, technology, education and strengthening people-to-people ties.
India and Australia have significantly expanded their economic engagement over the past few years, underpinned by regular high-level interactions and landmark trade initiatives. Australia unveiled its India Economic Strategy to 2035 in 2018, identifying India as one of its most important long-term economic partners. An updated strategy was released in 2022, reaffirming Australia’s commitment to deepening commercial engagement with India. On the Indian side, the Confederation of Indian Industry released the Australia Economic Strategy Report in 2020, outlining opportunities to strengthen bilateral economic cooperation.
A defining milestone in bilateral economic relations came with the signing of the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) on April 2, 2022. The agreement was signed by Union Commerce and Industry Minister Piyush Goyal and then Australian Trade and Tourism Minister Dan Tehan in the virtual presence of Prime Minister Narendra Modi and former Australian Prime Minister Scott Morrison. The agreement entered into force on December 29, 2022, providing a major boost to bilateral trade and investment. Simultaneously, legislation relating to the Double Taxation Avoidance Agreement came into effect, ensuring that Indian IT companies would no longer face double taxation from the financial year 2023-24.
Negotiations on the broader Comprehensive Economic Cooperation Agreement (CECA) are also progressing, with eleven rounds of negotiations completed so far. The agreement is expected to further deepen market access and strengthen economic integration between the two countries.
High-level institutional engagement has continued to reinforce the economic partnership. The 19th India-Australia Joint Ministerial Commission meeting was held in Adelaide on August 25, 2024, and was co-chaired by Commerce and Industry Minister Piyush Goyal and Australia’s Trade and Tourism Minister Don Farrell. The meeting reviewed progress under ECTA and explored ways to expand bilateral trade and investment.
Business-to-business engagement has also gained momentum. The revitalised India-Australia CEOs Forum met for the first time in Mumbai on March 9, 2023, during Prime Minister Albanese’s State Visit to India. The forum subsequently established five Joint Working Groups, which submitted policy recommendations aimed at strengthening economic cooperation. The Forum’s co-chairs, Shemara Wikramanayake and Anish Shah, met again in Mumbai in May 2024, followed by a virtual CEOs Forum meeting in October 2024 attended by ministers from both countries.
Australia also participated as the Partner Country at the Vibrant Gujarat Global Summit held in January 2024, sending a delegation of more than 70 members. In February 2025, Australia further reaffirmed its long-term commitment to India by launching A New Roadmap for Australia’s Economic Engagement with India, aimed at unlocking new opportunities for trade, investment and strategic collaboration.
The growing partnership is reflected in expanding bilateral trade. India is now Australia’s sixth-largest trading partner. Bilateral trade in goods and services stands at A$48.9 billion, equivalent to US$32.6 billion. India’s exports to Australia are valued at A$13.7 billion (around US$9.1 billion), including US$6 billion in goods and US$3.1 billion in services. Imports from Australia total A$35.2 billion (approximately US$23.5 billion), comprising US$16.8 billion in goods and US$6.65 billion in services. Bilateral trade in goods and services has recorded a growth of 0.59 per cent over calendar year 2022.
India’s key exports to Australia include refined petroleum products, pharmaceuticals, pearls and precious stones, jewellery and made-up textile articles. Australia’s major exports to India include coal, copper ores and concentrates, natural gas, ferrous and non-ferrous scrap, confidential trade items and education-related services.
