The India-Australia Economic Cooperation and Trade Agreement (ECTA), signed in 2022, has significantly boosted bilateral trade, excluding coal and diesel. Building on this success, both countries are now progressing towards a second, more comprehensive trade pact.
Key focus areas for collaboration include agriculture, education, renewable energy, and tourism. The agreement seeks to leverage the Indian diaspora in Australia, enhance people-to-people ties, and expand market opportunities for businesses in both countries.
During a panel discussion in Chennai, officials from both nations emphasized the need for inclusive trade policies, especially promoting women’s participation in international trade. The new trade pact aims to address such challenges, ensuring balanced and mutually beneficial economic growth.