India Australia ECTA to unleash a new economic paradigm

Nov 22, 2022

FICCI commends the passing of the ECTA by Australian Parliament

NEW DELHI, 22 November 2022: FICCI is delighted to note that India-Australia Economic Cooperation & Trade Agreement has been passed by the Australian Parliament. FICCI congratulates the leaders of both countries for achieving this milestone today. The two countries, while strengthening the QUAD and the Indo-Pacific realm, are now entering in an exciting phase in their relationship that promises to be a win-win situation for both bilaterally and multilaterally. It is now time to unleash the full potential of India-Australia trade and investment ties.

The relations between India and Australia are now expected to grow rapidly, with the implementation of India Australia Economic Cooperation and Trade Agreement (ECTA) in the run up to a Comprehensive Economic Cooperation Agreement (CECA). Achieving USD 100 billion target of bilateral trade and investment is within reach and it is responsibility of businesses from both the sides to achieve it by 2030.

Commenting on the development, FICCI Director General, Mr Arun Chawla said, "We are confident that this agreement shall open doors to opportunities across diverse areas like mining and minerals, pharmaceuticals, healthcare, education, clean energy, transportation, gems and jewellery, tourism, and textiles, generating about a million jobs in India. There are also excellent prospects for collaboration between India and Australia in some critical areas like space and defence, critical minerals and related technologies, water resources, training and education, circular economy, and cyber technologies."

This milestone towards a comprehensive partnership agreement with Australia, has set a great example of bilateral engagement, he added.