India and Australia commemorated the third anniversary of the signing of the Economic Cooperation and Trade Agreement (Ind-Aus ECTA), which has significantly enhanced their economic partnership. 

Since its implementation, the bilateral trade between the two nations reached USD 24 billion in 2023-24, reflecting a 14% growth in India's exports to Australia compared to the previous fiscal year. This positive trend continues, with India's exports increasing by 4.4% during April 2024-February 2025 compared to the same period in the prior year.

The ECTA has fostered mutual economic benefits, particularly in sectors such as textiles, pharmaceuticals, chemicals, and agriculture. It has also facilitated imports of key raw materials like metalliferous ores, cotton, and wood products, supporting Indian industries.

Additionally, new export opportunities have emerged for items like Calcined Petroleum Coke and Air Liquefaction Machinery, while sectors like electronics and engineering hold promising potential for future growth.

Prime Minister Narendra Modi recently met former Australian Prime Minister Tony Abbott during his visit to India. Modi highlighted Abbott's longstanding support for India and shared moments from his visit, including his appreciation for Indian millets. The Ind-Aus ECTA remains a cornerstone of bilateral relations, paving the way for deeper economic cooperation and mutual prosperity.

ANI