Context
India and Australia have signed an economic cooperation and trade agreement under which over 95 percent of Indian goods such as textiles, leather,jewellery, sports products, etc will enjoy duty-free access in the Canberra market.
About
- India and Australia shared a trade market of around US$12.3 billion in 2020-21 and US$12.6 billion in 2019-20 with the trade balance in Australia`s favor.
- Australia is the 17th largest partner of India and India holds 9th place In Australia's trade market.
- Both countries shared a bilateral trade in goods and services of $27.5 billion in 2021.
- It is being predicted that the agreement will boost the bilateral trade between India and Australia from USD 27 billion to USD 45-50 billion in the next five years. That agreement will further deepen the ties between the two countries.
- Products like petroleum products, textiles, and apparel, engineering goods, leather, chemicals and gems, and jewellery are the major exports from India to Australia.
- India`s imports mainly include raw materials coal, minerals, and intermediate goods.
