Total trade, however, moderated in FY24 to $24 billion, with India’s exports to Australia growing by 14 per cent. Total bilateral merchandise trade from April to November this year reached $16.3 billion.
Data reveals export and import utilisation at 79 per cent and 84 per cent respectively, a release from the Indian ministry of commerce and industry said.
Key sectors like textiles, chemicals, and agriculture have shown substantial growth, while exports on new lines highlight the diversification enabled by the agreement.
Imports of essential raw materials like cotton, wood and wood products have fuelled India’s industries, contributing to the win-win nature of this partnership.
The India-Australia Comprehensive Economic Cooperation Agreement (CECA) is now in progress with 10 formal rounds and inter-sessional discussions held so far. Talks related to that, however, may get delayed despite substantial progress as Australia moves closer to the federal election scheduled for May next year, an Indian business daily reported.
Both sides began negotiations on the proposed CECA in February 2023.
ALCHEMPro News Desk (DS)
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