Union Minister for Commerce and Industry, Piyush Goyal, held a productive meeting with Australian Minister of Trade and Tourism Senator Don Farrell.
The discussions centred on finalising the second tranche of the India-Australia Comprehensive Economic Cooperation Agreement (CECA) further to enhance the trade and investment ties between our nations, the minister posted on X.
India-Australia Economic Cooperation and Trade Agreement, Boosts MSMEs
The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) is in its third year of remarkable success, driving mutual growth and showcasing the complementarity of both economies.
The Ind-Aus ECTA has significantly advanced trade ties, creating new opportunities for MSMEs, businesses and employment in both nations while reinforcing the foundation of their economic partnership.
Since its signing, bilateral merchandise trade has more than doubled, according to an old government statement.
Textiles, Chemicals, and Agriculture Lead Indo-Australian Trade Growth
Key sectors like textiles, chemicals, and agriculture have shown substantial growth, while exports on new lines, including gold studded with diamonds and turbojets highlight the diversification enabled by the agreement.
Imports of essential raw materials, such as metalliferous ores, cotton, wood and wood products have fuelled India’s industries, contributing to the win-win nature of this partnership. Sectors such as electronics and engineering have room for growth, the statement had asserted. The aim is to achieve trade to reach AUD 100 billion by 2030 between India and Australia. (Inputs for ANI)
Also Read: India-UK FTA Set To Spark Massive FDI Surge: What This Means For India’s Future?
Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
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