NEW DELHI, 23 March 2022, (TON): Australia and India said “they are close to finalising an interim economic and trade cooperation deal and hope to sign a full agreement by the end of the year.”

Australian Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi held a virtual summit to discuss economic, defence, and technological cooperation, as well as the war in Ukraine.

A joint statement said considerable progress had been made in negotiations for the Comprehensive Economic Cooperation Agreement (CECA), which was close to finalisation.

It said “an interim economic deal would be concluded “at the earliest”, and the two nations would work towards an ambitious, full CECA by the end of the year to enhance trade and investment ties.”

Morrison's government, which faces an election in May, hopes to strike a trade deal with India to help diversify its exports away from a reliance on China, with which it has increasingly frosty diplomatic relations.

Australia and India launched talks on a trade deal in 2011, and in 2020 the two prime ministers decided to speed up the negotiations.