India, Australia working on comprehensive economic pact, bilateral investment treaty: Piyush Goyal
India and Australia are working towards a comprehensive economic cooperation agreement and a Bilateral Investment Treaty to deepen trade and investment ties, Commerce Minister Piyush Goyal said. The countries are also expanding cooperation in critical minerals and education, while addressing cross-border taxation and compliance issues affecting businesses and service providers.
New Delhi: Commerce and Industry Minister Piyush Goyal announced on Friday that India and Australia are working towards a comprehensive economic cooperation agreement and a Bilateral Investment Treaty (BIT) to bolster bilateral trade and deepen economic ties. Speaking at the ICAI's first Oceania International Conference 2026 in Australia, Goyal highlighted the potential for enhanced cooperation in education and critical minerals.
He revealed that the two nations have been negotiating the expansion of their existing Economic Cooperation and Trade Agreement, implemented in 2022, into a more comprehensive agreement. Goyal emphasized that the proposed Comprehensive Economic Cooperation Agreement would be balanced, fair, and equitable, aiming to elevate the relationship between India and Australia.
He also noted that Australia's expertise in critical minerals pairs well with India's aspirations in manufacturing and processing. Both nations have addressed issues such as cross-border taxation affecting service providers, particularly IT companies, while also focusing on reducing compliance burdens for businesses and citizens.
Goyal urged Indian accountants to transition from being mere custodians of capital to innovators and champions of sustainable enterprises, positioning them as ambassadors of the India-Australia partnership.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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