India-Australia Economic Cooperation and Trade Agreement (ECTA)

The India-Australia Economic Cooperation and Trade Agreement (ECTA), celebrating its second anniversary, has significantly enhanced bilateral trade, with merchandise trade rising from billion in 2020-21 to billion in 2022-23. Despite a slight dip to billion in 2023-24, India’s exports to Australia grew by 14%. The agreement has facilitated diversification in trade, benefiting sectors like textiles, chemicals, agriculture, and electronics. It also supports India’s goal of becoming a developed nation by 2047. With a high utilization rate of 79% for exports and 84% for imports, the ECTA showcases effective economic collaboration between the two nations.