Both nations, members of the Commonwealth, operate under similar legal frameworks and parliamentary democracies. But it is their economic partnership that has recently taken centre-stage, setting the tone for a dynamic future.
In December, the two countries marked two successful years of the Australia-India Economic Cooperation and Trade Agreement (ECTA), which came into force on December 29, 2022 and stands as a milestone in bilateral trade relations. As India's first free trade agreement with a developed nation in over a decade, it signaled a significant step forward. The agreement is not merely a transactional arrangement; it is an institutional framework designed to facilitate and nurture trade ties, covering almost every tariff line exchanged between the two nations.
While trade figures between India and Australia saw a dip of 7.17 percent in 2023-24, this decline mirrors broader global trade trends. However, Australia remains India's 13th-largest trading partner—a testament to the resilience of this relationship.
More importantly, the agreement has brought tangible benefits: over 85 percent of Australian exports to India are now tariff-free, a figure set to rise to 90 percent by January 2026. Simultaneously, 96 percent of Indian exports to Australia currently enjoy tariff-free status, with full coverage expected by the same date.
This story is from the January 10, 2025 edition of The New Indian Express Bhubaneswar.
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This story is from the January 10, 2025 edition of The New Indian Express Bhubaneswar.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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