India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA)
♦ The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) marks its third anniversary of signing on 2 April 20525, a landmark achievement that has enhanced the economic partnership between India and Australia. ♦ Since the agreement's signing on 2nd April 2022, it has created pathways for robust trade, offering new avenues for businesses, entrepreneurs, and employment across both nations. ♦ With the signing of the ECTA, India and Australia have fostered new economic opportunities, underlining the complementary strengths of both economies. ♦ Following the signing and implementation of the agreement, total bilateral trade reached USD 24 billion in 2023-24, marking an impressive 14% growth in India’s exports to Australia as compared to 2022-23. ♦ The ECTA has brought tangible benefits across several sectors, notably textiles, pharmaceuticals, chemicals, and agriculture. ♦ Exports on new lines, such as Calcined Petroleum Coke, High-Capacity Diesel Generating Sets, and Air Liquefaction Machinery, demonstrate the expanding trade opportunities facilitated by the agreement. ♦ Sectors like electronics and engineering hold significant potential for future exports, offering promising prospects for further growth and innovation.