Four years of the India–Australia Economic Cooperation and Trade Agreement have been completed on 2 April.

Four years of the India–Australia Economic Cooperation and Trade Agreement have been completed on 2 April.

• This marks a significant milestone in strengthening bilateral economic engagement between the two countries.
• The agreement has been credited with enhancing trade flows, fostering industry linkages, and creating new opportunities for businesses, entrepreneurs, and employment generation.
• Bilateral trade between India and Australia has reached 24.1 billion US dollars in 2024–25, reflecting steady growth under the agreement framework.
• An increase of 8% in India’s exports to Australia has been recorded over the previous year, indicating improved market access and competitiveness of Indian goods.
• India’s total trade with Australia has been reported at 19.3 billion US dollars in FY 2025–26 up to February, showing continued economic momentum.
• Under the agreement, 100% tariff line access has been granted by Australia to India, ensuring comprehensive coverage for Indian exports.
• Zero-duty market access has been made available for all Indian exports to Australia from the beginning of this year, significantly reducing trade barriers.
• Preferential market access has been granted by India on around 70% of its tariff lines, covering nearly 90% of total trade value.
• The agreement has contributed to deeper economic integration by reducing tariffs, improving market accessibility, and encouraging bilateral investments.

Topic: Indian Economy