India, Australia mark third anniversary of ECTA, reaffirm commitment to deepen economic ties

New Delhi [India], April 2 (ANI): India and Australia have marked the third anniversary of the signing of Economic Cooperation and Trade Agreement (Ind-Aus ECTA), a landmark achievement that enhanced their economic partnership. After the agreement's signing and implementation, total bilateral trade between the two nations reached USD 24 billion.
The partnership between India and Australia is poised for even greater growth. As the ECTA celebrates its third anniversary, the two nations reaffirmed their "commitment to deepening their economic ties, driving mutual prosperity, and contributing to a stronger and more resilient global economy", according to the Ministry of Commerce and Industry press release.
After the ECTA was signed, India and Australia have fostered new economic opportunities, underlining the complementary strengths of both economies. Since the agreement was signed on April 2, 2022, it has created pathways for robust trade, offering new avenues for businesses, entrepreneurs, and employment across both nations.
In a press release, the Ministry of Commerce and Industry said, "Following the signing and implementation of the agreement, total bilateral trade reached USD 24 billion in 2023-24, marking an impressive 14 per cent 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 per cent during April 2024-February 2025 as compared to the same period in April 2023-February 2024."
The ECTA has brought tangible benefits in various sectors, notably textiles, pharmaceuticals, chemicals, and agriculture. Imports of key raw materials, like metalliferous ores, cotton, wood and wood products have supported the growth of Indian industries, solidifying the mutually beneficial and complementary nature of the partnership.
In a press release, the Ministry of Commerce and Industry stated, "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."
Earlier in March, Prime Minister Narendra Modi met former Australian Prime Minister Tony Abbott, who is currently visiting India, and said that he has "always been a friend of India."
PM Modi also spoke about how Abbott, during a visit to Dilli Haat in the national capital, enjoyed millets.
Sharing a picture with Abbott on X, PM Modi stated, "Delighted to meet my good friend and former Australian PM, Mr. Tony Abbott. He has always been a friend of India's. We have all seen him enjoy millets during his current visit."
Abbott served as Australia's Prime Minister from September 18, 2013 to September 15, 2015. He was member of Australia's House of Representatives from 1994 to 2019. (ANI)