India and Australia have commemorated the third anniversary of the Economic Cooperation and Trade Agreement (Ind-Aus ECTA), reaffirming their commitment to deepening economic ties and fostering mutual prosperity. Since the agreement’s implementation, bilateral trade between the two nations has reached USD 24 billion.
A statement from India’s Ministry of Commerce and Industry highlighted the growing trade relations, noting a 14 percent increase in India’s exports to Australia in 2023-24 compared to the previous year. This momentum has continued in the current fiscal year, with exports rising by 4.4 percent between April 2024 and February 2025.
The ECTA has opened new avenues for trade and investment, benefiting key sectors such as textiles, pharmaceuticals, chemicals, and agriculture. Additionally, India’s imports of essential raw materials, including metalliferous ores, cotton, and wood products, have contributed to industrial growth, reinforcing the complementary nature of the partnership.
The Ministry also emphasized the emergence of new export categories, including Calcined Petroleum Coke, High-Capacity Diesel Generating Sets, and Air Liquefaction Machinery, which demonstrate expanding trade opportunities. Looking ahead, sectors such as electronics and engineering hold significant potential for further growth.
In a separate development, Prime Minister Narendra Modi met former Australian Prime Minister Tony Abbott during Abbott’s visit to India in March. Modi described Abbott as “a long-time friend of India” and shared a moment from his visit to Dilli Haat, where Abbott was seen enjoying millets.
Sharing a picture with Abbott on X, PM Modi said, “Delighted to meet my good friend and former Australian PM, Mr. Tony Abbott. He has always been a friend of India. We have all seen him enjoy millets during his current visit.”
Abbott, who served as Australia’s Prime Minister from 2013 to 2015 and was a member of the House of Representatives until 2019, has played a key role in strengthening India-Australia relations.
(ANI)
