India-Australia ECTA: Boosting Bilateral Trade and Global Supply Chains

The India-Australia Economic Cooperation and Trade Agreement (ECTA) is propelling Indian exports to new heights with an impressive utilization rate of 86%, according to Zoe Woodlee, First Secretary Economic Counsellor and Acting Deputy Consul General at the Australian Consulate-General in Mumbai. Speaking at the CII Global Trade Scenario National Summit, Woodlee highlighted ECTA's role in providing Indian businesses with preferential tariff access to crucial Australian exports like lithium and rare earths, pivotal for India's renewable energy and electric vehicle sectors.

Woodlee emphasized India's rapid economic growth, with predictions of becoming the world's third-largest economy by 2030. She underscored Australia's dedication to this trajectory as evidenced by an economic roadmap introduced by Prime Minister Anthony Albanese, prioritizing clean energy, education, agribusiness, and tourism as key sectors for bilateral collaboration, facilitated by ECTA's framework.

The panel encouraged businesses to leverage the ECTA ecosystem that has dismantled tariffs on over 96% of Indian goods, thus energizing sectors such as textiles and pharmaceuticals. With bilateral trade reaching USD 24 billion in 2023-24, the integration of ECTA within India's broader free trade network promises even greater opportunities for global supply chain leadership.

(With inputs from agencies.)