India-Australia Economic Cooperation and Trade Agreement Marks Two Years of Success.
New Delhi:
The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) has celebrated two years of remarkable achievements, driving mutual growth and reinforcing the economic partnership between the two nations. Since its implementation, the ECTA has significantly boosted trade ties, providing new opportunities for MSMEs, businesses, and employment in both countries.
Bilateral merchandise trade has more than doubled, rising from USD 12.2 billion in 2020-21 to USD 26 billion in 2022-23. Although trade moderated slightly to USD 24 billion in 2023-24, India’s exports to Australia grew by 14%. The current fiscal year continues to show strong momentum, with total merchandise bilateral trade reaching USD 16.3 billion from April to November 2024.
According to official sources, the agreement has spurred growth in key sectors such as textiles, chemicals, and agriculture, while facilitating the diversification of exports, including gold-studded diamonds and turbojets. Additionally, imports of raw materials, such as metalliferous ores, cotton, and wood, have supported India’s industries.
“Building on this success, the India-Australia Comprehensive Economic Cooperation Agreement (CECA) is in progress, with 10 formal rounds of negotiations held so far. CECA aims to further strengthen the bilateral trade agenda and enhance economic integration between the two nations” sources said.
Looking ahead, both India and Australia are committed to achieving a target of AUD 100 billion in trade by 2030, further deepening their economic ties and contributing to a more resilient global economy.
