India-Australia Economic Cooperation and Trade Agreement Celebrates 3rd Anniversary of Signing

ECTA Boosts Trade: Gains Recorded in Textiles, Pharma, Chemicals, and Agriculture Sectors

The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) marks its third anniversary of signing today, a landmark achievement that has enhanced the economic partnership between India and Australia. Since the agreement's signing on 2nd April 2022, it has created pathways for robust trade, offering new avenues for businesses, entrepreneurs, and employment across both nations.

With the signing of the ECTA, India and Australia have fostered new economic opportunities, underlining the complementary strengths of both economies. Following the signing and implementation of the agreement, total bilateral trade reached USD 24 billion in 2023-24, marking an impressive 14% growth in India’s exports to Australia as compared to 2022-23. This positive momentum continues in the current fiscal year, with India’s exports to Australia having increased by 4.4% during April 2024-February 2025 as compared to the same period in April 2023-February 2024.

The ECTA has brought tangible benefits across several sectors, notably textiles, pharmaceuticals, chemicals, and agriculture. Exports on new lines, such as Calcined Petroleum Coke, High-Capacity Diesel Generating Sets, and Air Liquefaction Machinery, demonstrate the expanding trade opportunities facilitated by the agreement. Sectors like electronics and engineering hold significant potential for future exports, offering promising prospects for further growth and innovation.

Imports of key raw materials, such as metalliferous ores, cotton, wood and wood products have supported the growth of Indian industries, solidifying the mutually beneficial and complementary nature of the partnership.

The India-Australia partnership is poised for even greater growth. As the ECTA celebrates its third anniversary, India and Australia reaffirm their commitment to deepening their economic ties, driving mutual prosperity, and contributing to a stronger and more resilient global economy.