♤ Australia is an important player in Asia-Pacific Economic Cooperation (APEC) and

supports India's membership of the organisation.

♤ In 2008, Australia became an Observer in SAARC.

3.5 Economic and Trade Relations

♤ Bilateral Trade: India’s trade in goods and services with Australia was approximately US$

15.6 billion (A$20.7 bn) in 2016. India's exports to Australia stood approximately at US$4.6 billion (A$6.1 bn) in 2016 while India's import from Australia 3 during the same period stood at US$11 billion (A$14.6 bn).

♤ The two countries are currently discussing a Comprehensive Economic Cooperation Agreement (CECA) which will provide greater market access to exporters of goods and services.

♤ The two sides have exchanged their goods and services offer lists. It is expected that the conclusion of the CECA will expand the base of merchandise trade, remove non-tariff barriers, encourage investment and address the border restrictions to trade.

♤ India is also seeking to address its adverse balance of trade in Goods and Services through specialized market access for its products. During his recent visit to India, Prime Minister Turnbull confirmed that CECA was still “on the agenda” and both countries remained committed to it.