New Delhi, Dec 29 (IANS) Total merchandise bilateral trade between India and Australia reached $16.3 billion in the April-November period this fiscal (FY25), the government said on Sunday.
Since the signing of the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA), bilateral merchandise trade has more than doubled, surging from $12.2 billion in 2020-21 to $26 billion in 2022-23.
Meanwhile, total bilateral trade between Indian and Australia stood at $24 billion in FY 2023-24, with India’s exports to Australia growing by 14 per cent.
The ECTA has completed two years of remarkable success, driving mutual growth and showcasing the complementarity of both economies.
According to the Ministry of Commerce and Industry, the 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.
“Entering its third year, the government of India is dedicated to sustaining this momentum through strengthened collaboration and innovative initiatives to drive mutual prosperity to realise the vision 2047 of Prime Minister Narendra Modi to make India a developed country,” said the ministry.
The nations are committed to building on the momentum created by the ECTA, driving deeper economic integration and to achieve the target of trade to reach $100 billion by 2030.
Exchange of preferential import data has commenced between both countries, highlighting the effective implementation of the agreement in 2023. The data revealed export utilisation at 79 per cent and import utilisation at 84 per cent.
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,” said the ministry.
Building upon this success, the India-Australia Comprehensive Economic Cooperation Agreement (CECA) is now in progress with 10 formal rounds and inter-sessional discussions held so far.
CECA builds on the foundation laid by the ECTA, advancing the bilateral trade agenda with even greater ambition, according to the government.
—IANS
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