New Delhi, Dec 29 (PTI) India’s exports to its trade agreement partner Australia rose 64.4 per cent year-on-year to USD 643.7 million in November on account of healthy growth in sectors such as textiles, chemicals and agricultural products, according to the commerce ministry data.
However, the country’s merchandise exports recorded a decline of 5.21 per cent year-on-year to USD 5.56 billion, the preliminary data showed.
India and Australia implemented an interim trade pact — Economic Cooperation and Trade Agreement (ECTA) — on December 29, 2022 and are now in negotiations to widen the scope of the pact.
On the completion of two years of ECTA, Commerce and Industry Minister Piyush Goyal said the agreement has brought with it increased market access for Indian exporters, expanded opportunities for MSMEs and farmers, and generated several employment avenues.
It has also enabled growth in exports by 14 per cent in 2023-24; notable boost in IT/ITeS, business and travel services; and port-study work and work holiday visas, he said in a port on social media platform X.
“The expanding trade and investment ties between the two countries under the agreement reflect the growing business-to-business and people-to-people engagements. 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,” Goyal said.
Engineering goods, electronics, and cereal preparations has led India’s exports growth to Australia in the last fiscal year. PTI RR TRB
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