India-Australia ECTA completes two years: export utilisation at 79%, CECA talks at 10 rounds
The Commerce Ministry reviewed two years of the India-Australia Economic Cooperation and Trade Agreement on 29 December 2024.
Summary
The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) completed two years, the Commerce Ministry said on 29 December 2024. Bilateral merchandise trade more than doubled from USD 12.2 billion in 2020-21 to USD 26 billion in 2022-23, before moderating to USD 24 billion in 2023-24, when India's exports to Australia grew by 14%. Trade in April–November 2024 reached USD 16.3 billion. Exchanged preferential import data show export utilisation of 79% and import utilisation of 84%. Talks on the India-Australia Comprehensive Economic Cooperation Agreement (CECA) have seen 10 formal rounds, with a stocktake visit held in New Delhi from 4 to 6 December 2024. Both sides aim for bilateral trade of AUD 100 billion by 2030.
Key facts
- Milestone
- Two years of Ind-Aus ECTA (PIB, 29 December 2024)
- Merchandise trade
- USD 12.2 bn (2020-21) → USD 26 bn (2022-23) → USD 24 bn (2023-24)
- 2023-24 exports
- India's exports to Australia up 14%
- April–November 2024
- USD 16.3 bn
- Utilisation
- Exports 79%, imports 84%
- CECA
- 10 formal rounds; stocktake visit in New Delhi, 4–6 December 2024
- Target
- AUD 100 billion bilateral trade by 2030
Practice MCQs 4 questions
According to the Commerce Ministry's two-year review of the India-Australia ECTA (December 2024), what was India's export utilisation under the agreement?
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Correct answer: D — 79%
PIB (Commerce): export utilisation was 79% and import utilisation 84%; 14% was the growth in India's exports to Australia in 2023-24.
Bilateral merchandise trade between India and Australia rose from USD 12.2 billion in 2020-21 to how much in 2022-23?
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Correct answer: A — USD 26 billion
PIB (Commerce): trade rose to USD 26 billion in 2022-23; it moderated to USD 24 billion in 2023-24, and April–November 2024 trade was USD 16.3 billion.
Where was a stocktake visit on the India-Australia Comprehensive Economic Cooperation Agreement (CECA) held from 4 to 6 December 2024?
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Correct answer: B — New Delhi
PIB (Commerce): the CECA stocktake visit was concluded in New Delhi from 4 to 6 December 2024.
Consider the following statements about India-Australia trade as per the Commerce Ministry's December 2024 review: 1. Both sides aim for bilateral trade of AUD 100 billion by 2030. 2. Talks on the CECA have seen 10 formal rounds. 3. Total bilateral trade rose further in 2023-24 over 2022-23. Which of the statements given above are correct?
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Correct answer: C — 1 and 2 only
PIB (Commerce): the target is AUD 100 billion by 2030 and CECA has had 10 formal rounds; total trade moderated from USD 26 billion in 2022-23 to USD 24 billion in 2023-24, so statement 3 is wrong.