CECA progressing with 10 formal rounds held so far
The India-Australia merchandise bilateral trade totalled US$16.3 billion from April-November 2024 while total 2023-24 trade was US$24 billion, with India’s exports by 14%, the Commerce and Industry Ministry said on 29 Dec https://fieo.org/.
Bilateral merchandise trade has more than doubled, surging to US$26 billion in 2022-23 from US$12.2 billion in 2020-21. The volume in 2023-24 had moderated https://www.investindia.gov.in/.
The Ministry gave this update in assessing the two-year-old India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA), saying the pact has completed remarkable success and showcasing the complementarity of both economies https://www.nseindia.com/.
The Ind-Aus ECTA has significantly advanced trade ties, creating new opportunities for MSMEs, businesses and employment in both nations while reinforcing the foundation of their economic partnership https://www.bseindia.com/.
Entering its third year, the Indian Government is dedicated to sustaining this momentum through strengthened collaboration and innovative initiatives to drive mutual prosperity, said the Ministry.
Exchange of preferential import data has commenced between both countries, highlighting the effective implementation of the agreement in 2023, said the Ministry, adding data reveals export utilization at 79% and import utilization at 84%.
Key sectors like textiles, chemicals, and agriculture have shown substantial growth, while exports on new lines, including gold studded with diamonds and turbojets highlight the diversification enabled by the agreement. Imports of essential raw materials, such as metalliferous ores, cotton, wood and wood products have fuelled India’s industries, contributing to the win-win nature of this partnership.
Sectors such as electronics and engineering have room for growth https://sbi.com.in/, added the Ministry.
Building upon this success, the India-Australia Comprehensive Economic Cooperation Agreement (CECA) is now in progress with 10 formal rounds and inter-sessional discussions held so far.
CECA build on the foundation laid by the ECTA, advancing the bilateral trade agenda with even greater ambition. A stocktake visit on India-Australia CECA was also recently concluded in New Delhi from 4-6 Dec 2024 to assess the progress made and chart the path forward, informed the Ministry.
“Both the parties are committed to building on the momentum created by the ECTA, driving deeper economic integration and to achieve the target of trade to reach AU$100 billion by 2030 between India and Australia https://futureagexpo.com.au/,” it said.
“Together, India and Australia are poised to take their economic partnership to new heights, fostering mutual prosperity and contributing to a more resilient and dynamic global economy.” Fiinews.com
