India's exports to Australia surge 14% since ECTA, trade momentum strong
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Total trade, however, moderated in FY24 to $24 billion although since its signing, bilateral merchandise trade has more than doubled to $26 billion in FY23 from $12.2 billion in FY21. The current fiscal continues to reflect strong momentum. Total merchandise bilateral trade in April-November 2024 reached $16.3 billion, according to a statement issued by the commerce and industry ministry.
«This landmark agreement has brought with it increased market access for Indian exporters, expanded opportunities for MSMEs and farmers, and generated several employment avenues,» commerce and industry minister Piyush Goyal said in a post on X, adding that it has also enabled a notable boost in IT/ITeS, business & travel services, and post-study work & work holiday visas.
«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. Together, we are shaping a prosperous and resilient future,» Goyal said.
Exchange of preferential import data has commenced between both countries, highlighting the effective implementation of the agreement in 2023.
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