India and Australia have decided to enhance their economic partnership and increase their defense cooperation, the Australian Prime Minister Anthony Albanese said in New Delhi on Friday, March 10.
The two countries signed a free trade deal called the Economic Cooperation and Trade Agreement (ECTA) in 2022, the first signed by India with a developed country in 10 years.
But, a much larger Comprehensive Economic Cooperation Agreement (CECA) has been stuck in negotiations for over a decade.
The ECTA came into effect in December and removed duties on 96% of Indian exports to Australia and 85% of Australian exports to India.
India and Australia are security partners through the Quad group, which also includes the U.S. and Japan.
Albanese also discussed addressing climate change, cooperation on renewable energy, education and critical minerals supply chains in his meeting with Modi.
Bilateral trade between the two countries was $27.5 billion in 2021 and India says it has the potential to nearly double to $50 billion in five years.
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