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The Minister of Commerce and Industry, Government of India Shri Piyush Goyal and Minister for Trade, Tourism and Investment, Government of Australia, Mr. Dan Tehan, MP, signed the India-Australia Economic Cooperation and Trade Agreement on 2nd April, 2022, in a Virtual ceremony in presence of the Prime Minister of India, Shri Narendra Modi and Prime Minister of Australia, Mr. Scott Morrison.
The India-Australia ECTA is the first trade agreement of India with a developed country after more than a decade. The Agreement encompasses cooperation across the entire gamut of bilateral economic and commercial relations between the two friendly countries, and covers areas like Trade in Goods, Rules of Origin, Trade in Services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, Dispute Settlement, Movement of Natural Persons, Telecom, Customs Procedures, Pharmaceutical products, and Cooperation in other Areas. Eight subject specific side letters covering various aspects of bilateral economic cooperation were also concluded as part of the Agreement.
India and Australia enjoy excellent bilateral relations that have undergone transformative evolution in recent years, developing along a positive track, into a friendly partnership. The India-Australia Comprehensive Strategic Partnership initiated during the India-Australia Leaders’ Virtual Summit held between Hon’ble Prime Minister of India Shri Narendra Modi and Hon’ble Prime Minister of Australia Mr. Scott Morrison, on 04 June 2020 is the cornerstone of our multi-faceted bilateral relations.
Growing India-Australia economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening bilateral relationship between the two countries. India and Australia have been each other’s important trading partners. These excellent bilateral economic and commercial relations have continued to enhance and deepen over time. Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner. India-Australia bilateral trade for both merchandise and services is valued at US$ 27.5 billion in 2021. India’s merchandise exports to Australia grew 135% between 2019 and 2021. India’s exports consist primarily of a broad-based basket largely of finished products and were US$ 6.9 billion in 2021. India’s merchandise imports from Australia were US$ 15.1 billion in 2021, consisting largely of raw materials, minerals and intermediate goods.