The Australia-India Economic Cooperation and Trade Agreement (ECTA) has marked its second anniversary, showcasing significant achievements in enhancing trade relations between the two nations. Since its signing, bilateral merchandise trade has more than doubled, increasing from AUD 18.3 billion in 2020-21 to AUD 39 billion in 2022-23.
In the fiscal year 2023-24, total trade moderated to AUD 36 billion, with India’s exports to Australia growing by 14%. The current fiscal year continues to reflect strong momentum, with total merchandise bilateral trade from April to November 2024 reaching AUD 24.5 billion.
Key sectors such as textiles, chemicals, and agriculture have experienced substantial growth, while new export 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, and wood products, have fueled India’s industries, contributing to the mutually beneficial nature of this partnership.
On social media, India’s Commerce and Industry Minister, Piyush Goyal, lauded the agreement’s impact, stating, “This landmark agreement has brought with it increased market access for Indian exporters, expanded opportunities for MSMEs and farmers, and generated several employment avenues.”
Building upon this success, negotiations for the India-Australia Comprehensive Economic Cooperation Agreement (CECA) are underway, with ten formal rounds and inter-sessional discussions held so far. Both parties are committed to achieving a trade target of AUD 150 billion by 2030, aiming to deepen economic integration and foster mutual prosperity.