India-Australia Trade Boost: ECTA's Impact

India's exports to Australia soared by 64.4% in November, driven by textiles, chemicals, and agriculture, according to commerce ministry data. The Economic Cooperation and Trade Agreement (ECTA), enacted in late 2022, is credited with expanding market access and employment opportunities, aiming for a AUD 100 billion trade goal by 2030.

India's November exports to Australia surged 64.4% annually, reaching USD 643.7 million, propelled by textiles, chemicals, and agricultural sectors, commerce ministry data reveals.

Despite a 5.21% annual drop in overall merchandise exports to USD 5.56 billion, the Economic Cooperation and Trade Agreement (ECTA), implemented in December 2022, has widened market access for exporters and boosted India's employment landscape.

As the agreement nears its two-year mark, Commerce Minister Piyush Goyal highlights its role in elevating India's trade relations with Australia, bolstering MSMEs and farmers. The ECTA aims to achieve a AUD 100 billion trade target by 2030, with engineering goods, electronics, and cereals fueling export growth.

(With inputs from agencies.)