KOLKATA, Dec 31: Over the past two years, India’s engineering exports to Australia have witnessed a growth of more than 6 percent, underscoring the robust trade relationship between the two nations.
In the fiscal year 2023-24, Australia emerged as one of the top 10 export destinations for India, highlighting the increasing importance of this partnership.
The trade complementarity between India and Australia is a key driver of this growth,
according to EEPC India.
This is the second anniversary of the signing of the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA), an agreement that has strengthened the economic ties between India and Australia.
Since its inception on December 29, 2022, the ECTA has paved the way for remarkable growth in bilateral trade, particularly in the engineering sector.
Australia is a rich source of essential raw materials, including various minerals and metals, which are crucial for India’s manufacturing sector.
In return, India supplies Australia with a diverse range of value-added engineering products such as industrial machinery, auto components, iron and steel products, and electrical machinery. This synergy has not only bolstered trade but also fostered
mutual economic benefits.
The significance of the ECTA extends beyond bilateral trade. As Oceania gains prominence in India’s commercial relations, particularly following the signing of the Regional Comprehensive Economic Partnership (RCEP), the ECTA serves as a cornerstone for deeper economic integration in the region.
The importance of this agreement is further emphasized by India’s ongoing negotiations for a more comprehensive Free Trade Agreement (FTA) with Australia, such as the Comprehensive Economic Cooperation Agreement (CECA).
” As we celebrate this milestone, it is evident that the Ind-Aus ECTA has laid a strong foundation for continued economic collaboration and growth. The future looks promising as both nations work together to explore new opportunities and strengthen their trade partnership,” EEPC India said in a statement on Tuesday.
(UNI)
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