India-Australia sign Economic Cooperation and Trade Agreement (IndAus ECTA)
- The Government of India and Australia inked the Economic Cooperation and Trade Agreement (“IndAus ECTA”) in a virtual ceremony on April 02, 2022.
- India and Australia began the process for ‘IndAus ECTA’ from September 30, 2021.
- The ECTA was signed by Indian Union Minister of Commerce and Industry, Shri Piyush Goyal, and Australian Minister for Trade, Tourism and Investment, Mr. Dan Teha.
- Prime Minister of India, Shri. Narendra Modi and the Prime Minister of Australia, Scott Morrison also attended the event.
- The IndAus ECTA seeks to double bilateral trade between the two countries to $45-50 billion in the next five years from current $27 billion.
- ECTA would remove trade barriers and open up huge opportunities in both goods and services for both nations.
Points to Remember:
- India has recently inked Economic Cooperation and Trade Agreement (ECTA) with which country?
- IndAus ECTA aims to increase bilateral trade by $45-50 billion in how many years? 5 years
- What is the current bilateral trade between India-Australia? $27 billion
Source: Business Standard;