India's exports to Australia rise 64.4% in November
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Ministry of Commerce & Industry in its latest release has showed that India's exports to its trade agreement partner Australia rose 64.4 per cent year-on-year to $643.7 million in November amid healthy growth in sectors such as textiles, chemicals and agricultural products. India and Australia implemented an interim trade pact -- Economic Cooperation and Trade Agreement (ECTA) -- on December 29, 2022 and are now in negotiations to widen the scope of the pact and make it a Comprehensive Economic Cooperation Agreement (CECA).
On the completion of two years of ECTA, Commerce and Industry Minister Piyush Goyal said that the agreement has brought with it increased market access for Indian exporters, expanded opportunities for MSMEs and farmers, and generated several employment avenues. He further added that it has also enabled growth in exports by 14 per cent in 2023-24; notable boost in IT/ITeS, business and travel services; and port-study work and work holiday visas.
Besides, Minister said ‘The expanding trade and investment ties between the two countries under the agreement reflect the growing business-to-business and people-to-people engagements. We are committed to building on the momentum that the Ind-Aus ECTA has generated and achieve the AUD 100 billion trade target by 2030.’
