Two Years Of India-Australia ECTA: Bilateral Trade From April-November 2024 Touches $16.3 billion

India’s merchandise exports to Australia surged by 64.4 per cent year-on-year in November, reaching $643.7 million, according to commerce ministry data.

This growth stems from robust performance in textiles, chemicals, and agricultural products, even as overall exports fell 5.21 per cent year-on-year to $5.56 billion.

Since the signing of the India-Australia Economic Cooperation and Trade Agreement (ECTA) two years ago, the bilateral merchandise trade has more than doubled, surging from $12.2 billion in 2020-21 to $26 billion in 2022-23.

Total trade, however, moderated in the year 2023-24 to $24 billion in 2023-24, with India’s exports to Australia growing by 14 per cent.

The current fiscal year continues to reflect strong momentum.

Total merchandise bilateral trade from April-November 2024 reached $16.3 billion, the Commerce Ministry said.

Implemented on 29 December 2022, the interim trade pact ECTA has significantly enhanced market access for Indian exporters, especially in MSMEs, agriculture, and employment-intensive sectors.

Marking two years of the agreement, Commerce and Industry Minister Piyush Goyal highlighted its transformative impact:

"The expanding trade and investment ties between the two countries under the agreement reflect the growing business-to-business and people-to-people engagements. We are committed to building on the momentum that the Ind-Aus ECTA has generated and achieve the A$100 billion trade target by 2030," he said.

Leading sectors like engineering goods, electronics, and cereal preparations have been pivotal in India’s export growth to Australia.

Negotiations are now underway to broaden the pact’s scope further, aiming to solidify the two nations’ trade partnership.

Also read: Indian Economy Likely To Grow At 6.5-6.8 Per Cent In FY25, 6.7-7.3 Per Cent In FY26: Deloitte