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Comprehensive Economic Cooperation Agreement (CECA)

  • IAS NEXT, Lucknow
  • 25, Dec 2021
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India and Australia are fast-tracking negotiation regarding the bilateral Comprehensive Economic Cooperation Agreement (CECA).

India- Australia bilateral trade:

  • 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.