India and Australia Celebrate Third Anniversary of ECTA, Vow to Strengthen Economic Ties
New Delhi [ India ], April 2 (ANI): India and Australia has observed the third anniversary of the signing of Economic Collaboration and Commerce Accord (Ind-Aus ECTA ) stood as a significant milestone that bolstered their economic collaboration. Following the accord’s ratification and enforcement, the combined trade volume between the two countries climbed to $24 billion.
The partnership between India and Australia is set for even more significant expansion. As the ECTA On its third anniversary, both countries reiterated their dedication to strengthening their economic relationships, fostering shared growth, and aiding in the development of a more robust and durable worldwide economy, as stated by the source. Department of Trade and Commerce press release.
After the ECTA was signed, India and Australia These developments have spawned fresh economic prospects, highlighting the synergistic attributes of both economies. Following the signing of the accord on April 2, 2022, it has opened channels for substantial commerce, providing novel routes for companies, business owners, and job seekers within these two countries.
In a statement released to the media, the Department of Trade and Commerce He stated, "After the signing and execution of the agreement, overall two-way trade amounted to $24 billion during 2023-24, indicating a significant 14 percent increase." India 's exports to Australia As compared to the period of 2022-23, this favorable trend carries over into the present fiscal year, with India 's exports to Australia Having risen by 4.4 percent from April 2023 to February 2024 compared to the corresponding period from April 2024 to February 2025.
The ECTA These advantages have been particularly evident in several industries such as textiles, pharmaceuticals, chemicals, and agriculture. The importation of essential raw materials including metalliferous ores, cotton, timber, and related goods has fostered this development. India In various sectors, strengthening the relationship where both parties benefit and complement each other.
In a statement released to the media, the Department of Trade and Industry indicated, “Products listed on separate lines, including Calcined Petroleum Coke, High-Capacity Diesel Generating Sets, and Air Liquefaction Machinery, highlight the growing trade possibilities enabled by this pact. Industries such as electronics and engineering present substantial potential for upcoming exports, providing lucrative avenues for additional expansion and development.”
In early March, Prime Minister Narendra Modi had a meeting with the former Australia Prime Minister Tony Abbott, who is presently on a visit India , and said that he has "always been a friend of India ."
PM Modi also mentioned that Abbott relished millets when he visited Dilli Haat in New Delhi.
Uploading an image to X, Prime Minister Modi announced, "It was wonderful to reunite with my dear friend and ex-abbott." Australia At 7 PM, Mr. Tony Abbott will be present. He has consistently been a supporter. India We've all witnessed him enjoying millet during his present trip.
Abbott served as Australia He served as Prime Minister from September 18, 2013, until September 15, 2015. He was also a member of Australia 'S House of Representatives from 1994 until 2019. (ANI)