Team Blitz India
NEW DELHI: The Australia-India Economic Cooperation and Trade Agreement (ECTA) marked its first anniversary on December 29, 2023, reflecting a significant upswing in economic engagement between the two nations.
Australian High Commissioner to India, Philip Green, in his recent oped, lauded the ECTA, which symbolises “unity,” for underpinning a period of dynamic trade growth, witnessing Australia’s exports to India balloon by nearly 60 per cent in the past five years. The surge has positioned India as Australia’s fourth-largest export market.
As the ECTA framework sets the stage for a tariff-free trade horizon, with 96 pc of Indian exports already entering Australia without duties and a projection to reach a complete 100 pc by 2026, sectors across the board are reaping the benefits.
Australian markets are now flush with an array of Indian goods, from agricultural products to fashion, translating to a robust $830-million savings for Australian consumers and a more diverse market shelf.
Green also highlighted the ECTA’s pivotal role in bolstering long-term sectoral growth, with the trade deal set to eradicate Australian tariffs on most Indian goods within the next few years. This trajectory is not just about trade volumes; it’s about affirming a strategic partnership committed to sustainability and innovation, particularly in agriculture, renewable energy, and technology sectors crucial for future growth.
The High Commissioner’s article also underlined the significance of the supply chains established by the ECTA, ensuring the provision of critical minerals from India, essential for the manufacturing of high-demand products like solar panels, wind turbines, and electric vehicles. It’s a partnership that not only caters to commercial interests but also aligns with the global agenda of sustainable and responsible resource use.
The comprehensive economic cooperation encapsulated by the ECTA is set to expand, with a focus on bolstering the “human bridge” that binds the two nations. Green asserted that while the agreement had made commendable strides in enhancing bilateral ties, the journey ahead demands sustained effort to tap into the full spectrum of opportunities the ECTA promises.