Surging Trade Tides: India's Booming Partnership with Australia

India's exports to Australia surged by 64.4% in November, driven by textiles, chemicals, and agriculture. Despite a recent decline in overall merchandise exports, relations have strengthened under the Economic Cooperation and Trade Agreement (ECTA). Negotiations aim to advance towards a Comprehensive Economic Cooperation Agreement (CECA).

India has witnessed a significant increase in exports to Australia, climbing by 64.4% in November 2023, thanks to robust performances in textiles, chemicals, and agricultural products, as reported by the commerce ministry data.

Despite a general decline of 5.21% in merchandise exports from April to November 2024, India and Australia continue to develop their trade relations under the Economic Cooperation and Trade Agreement (ECTA), established in December 2022. The two nations are currently pursuing talks to expand this into a Comprehensive Economic Cooperation Agreement (CECA).

Commerce and Industry Minister Piyush Goyal highlighted the success of ECTA in promoting employment and enhancing India's export scope across several sectors. With ambitions to reach AUD 100 billion in trade by 2030, both countries see ongoing benefits and opportunities in this partnership.

(With inputs from agencies.)