PM Modi’s Australia Visit to Strengthen India-Australia Strategic Partnership with Focus on Trade, Minerals and Technology

India and Australia have significantly strengthened their economic partnership in recent years through sustained high-level engagements and major trade initiatives. Australia introduced its India Economic Strategy to 2035 in 2018, identifying India as one of its most important long-term economic partners. An updated strategy released in 2022 reaffirmed Australia’s commitment to expanding commercial engagement with India. In 2020, the Confederation of Indian Industry released the Australia Economic Strategy Report, highlighting opportunities for deeper bilateral economic cooperation.

A major milestone in India-Australia economic relations was achieved with the signing of the India-Australia Economic Cooperation and Trade Agreement 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 came into effect on December 29, 2022, providing significant support to bilateral trade and investment.

At the same time, legislation related to the Double Taxation Avoidance Agreement also came into force, ensuring that Indian information technology companies would no longer face double taxation from the financial year 2023-24.

Negotiations for the broader Comprehensive Economic Cooperation Agreement are progressing, with eleven rounds of discussions completed so far. The agreement is expected to further improve market access and strengthen economic integration between India and Australia.

Institutional engagement between the two countries has continued to reinforce economic cooperation. 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 the Economic Cooperation and Trade Agreement and examined opportunities to expand bilateral trade and investment.

Business cooperation has also gained momentum. The revitalised India-Australia CEOs Forum held its first meeting in Mumbai on March 9, 2023, during Australian Prime Minister Anthony Albanese’s State Visit to India. The forum later established five Joint Working Groups, which submitted policy recommendations to strengthen 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 participated as the Partner Country at the Vibrant Gujarat Global Summit held in January 2024, with a delegation of more than 70 members. In February 2025, Australia further reinforced its long-term commitment to India by launching A New Roadmap for Australia’s Economic Engagement with India, aimed at creating new opportunities in trade, investment and strategic cooperation.

The expanding partnership is reflected in growing bilateral trade. India has become Australia’s sixth-largest trading partner, with bilateral trade in goods and services reaching A$48.9 billion, equivalent to US$32.6 billion.

India’s exports to Australia are valued at A$13.7 billion, or around US$9.1 billion, including US$6 billion in goods and US$3.1 billion in services. Australia’s exports to India stand at 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 recorded growth of 0.59 per cent during calendar year 2022.

India’s major exports to Australia include refined petroleum products, pharmaceuticals, pearls, precious stones, jewellery and made-up textile articles. Australia’s key exports to India include coal, copper ores and concentrates, natural gas, ferrous and non-ferrous scrap, confidential trade items and education-related services.

Prime Minister Narendra Modi’s visit is expected to further strengthen the foundation of the India-Australia Comprehensive Strategic Partnership, building on expanding economic cooperation, trade agreements, institutional mechanisms and growing business ties between the two nations.