Electronics-engineering hold significant potential for future exports
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 http://austrade.gov.au.
The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) has boosted bilateral trade to US$24 billion in 2023-24, marking an impressive 14% growth in India’s exports to Australia as compared to 2022-23 https://fieo.org/.
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-Februatry 2024, the Commerce and Industry Ministry said on 2 April.
Since the agreement’s signing on 2nd April 2022, the ECTA has brought tangible benefits across several sectors, notably textiles, pharmaceuticals, chemicals, and agriculture https://www.nseindia.com/.
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 https://www.bseindia.com/.
Sectors like electronics and engineering hold significant potential for future exports, offering promising prospects for further growth and innovation, added the Ministry https://sbi.com.in/.
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 https://www.dfat.gov.au/.
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, it said. fiinews.com
