Скачать или смотреть India and Australia Aim for $100 Billion in Bilateral Trade by 2030

The India-Australia Economic Cooperation and Trade Agreement (ECTA) has reached a 79% export utilization rate after two years of implementation. This indicates that businesses are effectively taking advantage of the agreement's benefits.

However, despite the high utilization rate, trade between the two countries has declined in the current financial year. Goods exports to Australia fell by 18% during the first six months of the fiscal year, while imports also decreased by 18%.

Despite this recent decline, India and Australia are aiming to reach $100 billion in bilateral trade by 2030. To achieve this, they are progressing with the India-Australia Comprehensive Economic Cooperation Agreement (CECA), which builds upon the foundation laid by the ECTA.

Key sectors like textiles, chemicals, and agriculture have seen significant growth under the ECTA, while new categories, including gold studded with diamonds and turbojets, have emerged. The agreement has also benefited India with cheaper coal imports due to a 2.5% duty concession.