INDIA-AUSTRALIA TRADE: ECONOMY
NEWS: After 2 years of India-Australia trade deal,
export utilisation reaches 79%
WHAT’S IN THE NEWS?
The India-Australia Economic Cooperation and
Trade Agreement (Ind-Aus ECTA) has significantly boosted bilateral trade, with
India and Australia working towards deeper economic integration through the
Comprehensive Economic Cooperation Agreement (CECA), targeting a trade value of
AUD 100 billion by 2030.
Ind-Aus ECTA Success
- Bilateral
trade increased from USD 12.2 billion (2020-21) to USD 26 billion
(2022-23).
- In
2023-24, trade moderated to USD 24 billion, with India's exports growing
by 14%.
Trade Momentum
- From
April-November 2024, merchandise bilateral trade reached USD 16.3 billion.
- Export
utilization: 79%, Import utilization: 84%, reflecting successful
implementation.
Sectoral Growth
- Key
sectors like textiles, chemicals, and agriculture grew.
- New
product exports include gold studded with diamonds and turbojets.
- Imports
of raw materials like ores, cotton, and wood have supported Indian
industries.
Future Prospects
- India
and Australia are working on the Comprehensive Economic Cooperation
Agreement (CECA), aiming to further strengthen economic ties.
- Ten
formal rounds of discussions have been held for CECA.
Target for 2030
- The
trade target between India and Australia is AUD 100 billion by 2030.
Source: https://indianexpress.com/article/business/india-australia-trade-deal-export-utilisation-9750499/