♦ The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) has completed two years, marking a significant milestone in bilateral trade relations and fostering mutual growth.

♦ The Ind-Aus ECTA has significantly advanced trade ties, creating new opportunities for MSMEs, businesses and employment in both nations while reinforcing the foundation of their economic partnership. 

♦ India signed a free trade agreement with Australia on April 2, 2022 that was operationalised on December 29, 2022.

♦ Since its signing, bilateral merchandise trade has more than doubled, surging from USD 12.2 billion in 2020-21 to USD 26 billion in 2022-23.

♦ Total trade, however, moderated in the year 2023-24 to USD 24 billion in 2023-24, with India’s exports to Australia growing by 14%. Total merchandise bilateral trade from April-November 2024 reached USD 16.3 billion.

♦ Key sectors like textiles, chemicals, and agriculture have shown substantial growth, while exports on new lines, including gold studded with diamonds and turbojets highlight the diversification enabled by the agreement.

♦ Imports of essential raw materials, such as metalliferous ores, cotton, wood and wood products have fuelled India’s industries, contributing to the win-win nature of this partnership.Sectors such as electronics and engineering have room for growth.