India-Australia Trade Pact Spurs Global Supply Chain Leadership

The India-Australia Economic Cooperation and Trade Agreement (ECTA) has achieved an impressive 86% utilization rate for Indian exports, bolstering the country's position in the global supply chain, according to Zoe Woodlee, First Secretary Economic Counsellor at the Australian Consulate-General in Mumbai. Speaking at the CII Global Trade Scenario National Summit, Woodlee highlighted the agreement's role, effective since December 2022, in providing Indian businesses preferential tariffs on key Australian exports.

Woodlee discussed India's robust economic growth, slated to become the world's third-largest economy by 2030. Australia's commitment to India's rise was emphasized, noting strategic priorities outlined in a recent economic roadmap by Australian Prime Minister Anthony Albanese, focusing on clean energy, education, agribusiness, and tourism.

While the ECTA creates a favorable trade framework, Woodlee stressed the importance of businesses activating this ecosystem. With tariffs eliminated on over 96% of Indian goods and Indian exports rising annually, the agreement underpins sectors such as textiles and pharmaceuticals, marking a significant milestone in India-Australia trade relations.