India, Australia working on comprehensive economic pact, bilateral investment treaty: Piyush Goyal

New Delhi: India and Australia are working on a comprehensive economic cooperation agreement and a Bilateral Investment Treaty (BIT) to boost two-way trade and strengthen economic ties, commerce and industry minister Piyush Goyal said Friday.

At ICAI's first Oceania International Conference 2026 in Australia, he said the two countries can enhance cooperation in areas like education and critical minerals.

"We are working with Australia for a BIT also," Goyal said in his virtual address.


The two countries implemented an Economic Cooperation and Trade Agreement in 2022 and are now negotiating to expand the scope of the pact into a Comprehensive Economic Cooperation Agreement.

"Now we have decided to work towards a very balanced, fair and equitable, comprehensive economic cooperation agreement, which will also take our relationship to greater heights. We are working with Australia to have a bilateral investment treaty also," Goyal said.

Noting that Australia has critical minerals and India has manufacturing and processing ambitions, he said Canberra's patient capital and New Delhi's appetite for growth complement each other. "We have also sorted out the problem of cross-border taxation that several service providers, particularly the IT companies, were facing. We have also had greater engagement on respecting each other's due diligence to try to reduce the compliance burden on businesses and citizens," the minister said.

He suggested the ICAI members move from being stewards of capital to architects of innovation and sustainable enterprises; and become ambassadors of India-Australia.