PM Modi Calls for Early India-Australia CECA
PM Urges Businesses to Deepen Investment, Innovation and State-Level Partnerships
GG News Bureau
Melbourne, 9th July: Prime Minister Narendra Modi on Thursday called for the early conclusion of the proposed India-Australia Comprehensive Economic Cooperation Agreement (CECA), saying it would unlock the next phase of bilateral trade, investment and innovation.
Addressing the Economic Roadmap Business Reception in Melbourne alongside Australian Prime Minister Anthony Albanese, Modi said India and Australia are natural and trusted partners at a time when the world is facing uncertainty, supply chain disruptions and energy challenges.
The Prime Minister said the Economic Cooperation and Trade Agreement (ECTA), signed in 2022, has significantly strengthened economic ties, with India’s exports to Australia doubling since its implementation and businesses on both sides benefiting from improved market access.
Highlighting investment opportunities, Modi invited Australian companies to participate in India’s rapidly expanding sectors, including clean energy, green hydrogen, solar manufacturing, wind energy, infrastructure, artificial intelligence, quantum technology, semiconductors and digital public infrastructure.
He said India has set a target of achieving 500 GW of renewable energy by 2030 and Net Zero emissions by 2070, adding that Australia’s technology, capital and natural resources could play a key role in this transition. He also highlighted new opportunities in India’s nuclear energy sector following recent policy reforms.
Modi said India’s fast-growing infrastructure sector, including highways, railways, ports and airports, offers long-term investment opportunities for Australian institutional investors and pension funds.
The Prime Minister also stressed the need to expand cooperation in education and skill development, noting that Australian universities have already established campuses in Gujarat’s GIFT City. He called for transforming student mobility into long-term talent partnerships.
Suggesting a new approach to bilateral cooperation, Modi proposed stronger state-to-state and sector-specific partnerships. He said collaborations between Australian states and Indian states in critical minerals, clean energy, manufacturing, defence, finance, education and innovation could generate global solutions.
Expressing confidence in the future of India-Australia economic ties, Modi said deeper business partnerships would be driven by shared democratic values, a common Indo-Pacific vision and growing strategic convergence.
