Trade relations between India and Australia are continuously becoming stronger. In November 2024, India's exports to Australia reached US$ 643.7 million with a spectacular growth of 64.4%. According to Commerce Ministry data, this growth is mainly due to strong performance in sectors like textiles, chemicals and agricultural products.

However, total exports of goods to Australia declined by 5.21% to $5.56 billion in the April-November period of the financial year 2024-25. This figure shows a decline on an annual basis, but the sharp increase in the month of November indicates enthusiasm in business prospects.

This deal was made between the two countries

India and Australia implemented the Economic Cooperation and Trade Agreement (ECTA) on 29 December 2022. Under this agreement, Indian exporters have got better access to the Australian market. On completion of two years of the agreement, Commerce and Industry Minister Piyush Goyal called it a big opportunity for Indian exporters and MSME industries.

Goyal said that ECTA has promoted development in Indian agricultural products, small and medium industries and service sector. He said that due to this agreement, a 14% increase in exports was recorded in 2023-24. Sectors like information technology, trade and travel services have also seen impressive growth.

What will be the benefit of this?

India and Australia are now negotiating to convert this interim trade agreement into a Comprehensive Economic Cooperation Agreement (CECA). There is a plan to further promote trade between the two countries through CECA. Goyal has expressed hope that under this agreement, India-Australia trade will gain further momentum.

Minister Piyush Goyal said on social media platform 'X' that India-Australia ECTA has increased the pace of trade between the two countries. He expressed confidence that by 2030 both the countries will achieve the target of trade of 100 billion Australian dollars. The strengthening of trade relations between India and Australia signals new opportunities for the Indian economy and global trade. ECTA and the upcoming CECA will further deepen trade relations between the two countries, which will provide extensive benefits to exporters, industries and farmers.