India-Australia Trade Agreement Push Trade By 14%, Reaches USD 24 billion in 2023-24

New Delhi, April 3 (KNN) The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) marks its third anniversary today, representing a significant milestone in the economic relationship between the two nations. 

Since its signing on April 2, 2022, the agreement has established frameworks for strengthened trade relations, creating new opportunities for businesses, entrepreneurs, and employment across both countries.

The implementation of the ECTA has effectively leveraged the complementary economic strengths of India and Australia, resulting in substantial bilateral trade growth. 

Total trade between the two nations reached USD 24 billion in 2023-24, with India's exports to Australia increasing by an impressive 14 percent compared to the previous fiscal year. 

This positive trajectory continues in the current fiscal year, with India's exports to Australia growing by 4.4 percent during April 2024-February 2025 compared to the same period in the previous year.

The agreement has delivered concrete benefits across multiple sectors, with textiles, pharmaceuticals, chemicals, and agriculture experiencing notable growth. 

The expansion into new export categories, including Calcined Petroleum Coke, High-Capacity Diesel Generating Sets, and Air Liquefaction Machinery, demonstrates the broadening trade opportunities facilitated by the ECTA. 

Additional sectors such as electronics and engineering present significant potential for future export development, indicating promising prospects for continued growth and innovation.

The import of essential raw materials from Australia, including metalliferous ores, cotton, and wood products, has supported the development of Indian industries, reinforcing the mutually beneficial and complementary nature of the economic partnership.

As the ECTA commemorates its third anniversary, both India and Australia have reaffirmed their commitment to further strengthening their economic relationship, fostering mutual prosperity, and contributing to a more robust and resilient global economy. 

(KNN Bureau)