Merchandise Trade Between India and Australia Hits $16.3 Billion for April-November
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New Delhi, Dec 29 (NationPress) The overall merchandise bilateral trade between India and Australia has achieved a remarkable $16.3 billion during the April-November timeframe of this fiscal year (FY25), as reported by the government on Sunday.
Following the establishment of the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA), bilateral merchandise trade has more than doubled, increasing from $12.2 billion in 2020-21 to $26 billion in 2022-23.
In the current fiscal year 2023-24, total bilateral trade between India and Australia has reached $24 billion, with India's exports to Australia witnessing a growth of 14 percent.
The ECTA has marked two years of significant achievements, fostering mutual growth and demonstrating the complementary nature of both economies.
As per the Ministry of Commerce and Industry, the ECTA has greatly enhanced trade relations, creating new prospects for MSMEs, businesses, and jobs in both countries while strengthening their economic partnership.
“As we enter the third year, the government of India is committed to maintaining this momentum through enhanced collaboration and innovative initiatives to foster mutual prosperity in line with Prime Minister Narendra Modi's vision for a developed India by 2047,” stated the ministry.
Both nations are focused on leveraging the progress made under the ECTA to deepen economic integration, aiming for trade to reach $100 billion by 2030.
The exchange of preferential import data has begun, signaling the effective implementation of the agreement in 2023. This data has shown an export utilization rate of 79 percent and an import utilization rate of 84 percent.
Significant growth has been observed in key sectors like textiles, chemicals, and agriculture, while new export categories such as gold studded with diamonds and turbojets highlight the diversification facilitated by the agreement.
“Imports of essential raw materials like metalliferous ores, cotton, wood, and wood products have energized India's industries, contributing to the mutually beneficial nature of this partnership. Sectors like electronics and engineering still have potential for growth,” the ministry noted.
Building on this success, the India-Australia Comprehensive Economic Cooperation Agreement (CECA) is underway, with 10 formal rounds and inter-sessional discussions already conducted.
The CECA enhances the groundwork established by the ECTA, advancing the bilateral trade agenda with even greater aspirations, according to the government.
