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- India and Australia’s economic cooperation and trade agreement completed two years.
- The India-Australia Economic Cooperation and Trade Agreement ECTA has completed two years of remarkable success.
- It has enhanced trade ties and created new opportunities for MSMEs, businesses and employment in both countries.
- Bilateral merchandise trade has more than doubled. It has surged from over 12 billion dollars in 2020-21 to 26 billion dollars in 2022-23.
- Total trade reached 24 billion in 2023-24, with India’s exports to Australia growing by 14 per cent.
- Many sectors like textiles, chemicals, and agriculture have shown substantial growth.
- Imports of essential raw materials, such as metalliferous ores, cotton, wood and wood products have supported India’s industries.
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