However, preliminary data showed that the country’s merchandise exports during April-November 2024-25 recorded a year-on-year decline of 5.21 percent to USD 5.56 billion. India and Australia entered into an interim trade agreement — the Economic Cooperation and Trade Agreement (ECTA) — on December 29, 2022 and are now in talks to expand the scope of the agreement and make it a Comprehensive Economic Cooperation Agreement (CECA). are chatting
On the completion of two years of ECTA, Commerce and Industry Minister Piyush Goyal said that the agreement has increased market access for Indian exporters, widened opportunities for MSMEs and farmers and created many employment opportunities.
It has also enabled a 14% increase in exports in 2023-24. Significant growth in IT/ITeS, business and travel services; and port study work and working holiday visas, he said in a post on social media platform X.
On the second anniversary of the landmark India-Australia Economic Cooperation and Trade Agreement (ECTA), we celebrate our strengthening relationship and the shared growth between the two countries.
This historic agreement brings with it increased market access for Indian exporters,… pic.twitter.com/scyB62z6dm
— Piyush Goyal (@piyushgoyal) December 29, 2024
“The growing trade and investment ties between the two countries under the agreement reflect the growing business-to-business and people-to-people connections. We look forward to the momentum the Ind-Aus ECTA has created and to achieve 100 billion trade target by 2030,” Goyal said.
In a statement, the commerce ministry said there has been substantial growth in key sectors such as textiles, chemicals and agriculture, while exports on new lines, including diamonds and gold linked to turbojets, highlight the diversification afforded by the deal.
Imports of essential raw materials, such as metal ore, cotton, wood and wood products, have fueled India’s industries, he said, adding that there is scope for growth in sectors such as electronics and engineering.
Since its signing, bilateral merchandise trade has more than doubled, from US$12.2 billion in 2020-21 to US$12.2 billion in 2022-23. has reached 26 billion US dollars. However, total trade moderated to USD 24 billion in 2023-24. “The current fiscal year reflects a strong momentum. Total bilateral trade from April to November 2024 reached US$ 16.3 billion,” the ministry said. said
The exchange of preferential import data between the two countries has begun, highlighting the effective implementation of the agreement in 2023. Ten rounds and inter-sessional discussions have been held so far for the proposed CECA.