The Australia India Comprehensive Economic Cooperation Agreement (CECA) is a bilateral trade agreement between Australia and India aimed at strengthening economic ties between the two countries. Negotiations for the agreement began in 2011 and were concluded in 2020.
The CECA covers a range of areas including trade in goods, services, investment, and intellectual property. It is expected to provide significant benefits to both countries, including increased economic growth, job creation, and improved access to each other`s markets.
Under the CECA, Australia will eliminate tariffs on 100% of its goods exports to India, while India will eliminate tariffs on around 86% of its goods exports to Australia over the next 15 years. This will provide Australian businesses with greater access to the rapidly growing Indian market, which is projected to become the world`s third-largest economy by 2030.
In addition to goods trade, the CECA also includes provisions for the liberalization and facilitation of trade in services. This will provide Australian service providers with greater access to the Indian market, in areas such as education, healthcare, and professional services.
The CECA also includes provisions for the protection of intellectual property rights, which will provide greater certainty for businesses operating in both countries. This will help to stimulate innovation and creativity, and encourage greater collaboration between the two countries.
Overall, the Australia India Comprehensive Economic Cooperation Agreement represents a significant step forward in the economic relationship between Australia and India. By strengthening economic ties and reducing trade barriers, the agreement is expected to provide significant benefits to both countries, and help to drive economic growth and job creation.