Since the India-Australia Economic Cooperation and Trade Agreement (ECTA) was signed, India’s exports to Australia have increased by 14%. The government said on Sunday that new lines, such as turbojets and gold studded with diamonds, highlight the diversification made possible by the agreement, while textiles, chemicals, and agriculture have all seen significant growth.
Although bilateral merchandise trade has more than doubled to $26 billion in FY23 from $12.2 billion in FY21 since its signing, total trade did moderate in FY24 to $24 billion. Strong momentum is still evident in the current fiscal year. According to a statement released by the ministry of business and industry, the total value of bilateral merchandise trade between April and November 2024 was $16.3 billion.
“In addition to enabling a notable boost in IT/ITeS, business & travel services, and post-study work & work holiday visas, this historic agreement has brought with it increased market access for Indian exporters, expanded opportunities for MSMEs and farmers, and generated several employment avenues,”
We are dedicated to achieving the AUD 100 billion trade target by 2030, building on the momentum created by the Ind-Aus ECTA. We are building a resilient and prosperous future together”. The successful execution of the agreement in 2023 is demonstrated by the start of the exchange of preferential import data between the two nations. “The data reveals export utilization at 79% and import utilization at 84%,”
