India, Australia Seek Deeper Economic Ties Through CECA, Investment Treaty

India and Australia are working on a Bilateral Investment Treaty (BIT) alongside negotiations for a Comprehensive Economic Cooperation Agreement (CECA) to expand two-way trade and strengthen economic ties, Commerce and Industry Minister Piyush Goyal said on Friday.

Addressing the Institute of Chartered Accountants of India’s first Oceania International Conference 2026 in Australia, Goyal said the two countries were seeking a balanced, fair and equitable economic partnership that would take bilateral relations to a higher level.

India and Australia implemented the Economic Cooperation and Trade Agreement (ECTA) in 2022 and are now negotiating to broaden its scope into a CECA. “We are working with Australia to have a bilateral investment treaty also,” Goyal said, noting that BITs provide protection to investments in other countries and help promote two-way investment flows.

The minister highlighted several areas where the two economies could complement each other, including critical minerals, manufacturing, processing, education and renewable energy. He said Australia’s critical-mineral resources could support India’s manufacturing and processing ambitions, while Australian universities and Indian youth could create greater opportunities for educational cooperation.

Goyal also said India and Australia had resolved issues related to cross-border taxation faced by several service providers, particularly IT companies. Greater recognition of each other’s due-diligence processes was also helping reduce compliance burdens for businesses and citizens, he said.

On education, Goyal suggested exploring dual-degree programmes and encouraging Australian students to spend six months or a year in India, while Indian students could benefit from greater collaboration with Australian institutions. He also called for deeper cooperation among ICAI, CA ANZ and CPA Australia, including through a stronger mutual recognition agreement to facilitate professional mobility between the two countries.

Goyal urged chartered accountants to move beyond their traditional role as stewards of capital and become “architects of innovation and sustainable enterprises”, helping create new opportunities across India and Australia.