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India- Australia ECTA to advance bilateral trade and investment

The Australia-India Economic Cooperation and Trade Agreement (ECTA), which entered into force on 29 December 2022 , signed on April 2, 2022 and ratified on November 21, 2022.

PM of Australia, Anthony Albanese, Union Minister of Commerce and Industry and attendees of India-Australia CEO forum in Mumbai. Image - Twitter/ Anthony Albanese

The Economic Cooperation and Trade Agreement (ECTA) signed between India and Australia  will unlock the next level of potential in trade and investment, Australian Prime Minister, Anthony Albanese said at the India-Australia CEO forum in Mumbai on March 9, 2023.

Addressing the forum, the he expressed appreciation for the large turnout of Australian investors that came to India as well as for the key Indian business houses that participated.

Union Minister of Commerce and Industry, Piyush Goyal in his remarks at the forum noted, “The current goal of doubling the bilateral trade must be reset by the industries and CEOs present there as there was great potential to increase trade manifold between the two nations.”

Australian Minister for Trade and Tourism, Don Farrell pointed out that US$ 2.5 Billion worth of trade benefited from the lowering of tariffs arising from the ECTA agreement in January 2023 alone and reassured that this growth will continue to rise further.

A four-year extension MoU was also signed between the Confederation of Indian Industry and the Business Council of Australia in the presence of PM Albanese.

The Forum was organized by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry along with the Confederation of Indian Industry (CII) in order to leverage the ever-growing trade and investment between the two countries. It was co-chaired by Mahindra Group MD & CEO, Dr Anish Shah and Macquarie Group MD & CEO,  Shemara Wikramnayake,  The event witnessed the participation of CEOs of leading companies from India and Australia across the sectors.