Trade Pact With Australia Anchors India's Economic Engagement In Indo-Pacific: Piyush Goyal

(MENAFN- IANS) New Delhi, Dec 29 (IANS) Commerce and Industry Minister Piyush Goyal on Monday said that as the Comprehensive Economic Cooperation Agreement (CECA) negotiations advance with other nations, India-Australia trade pact continues to anchor the country's economic engagement in the Indo-Pacific, aligned with 'Make in India' and the vision of 'Viksit Bharat 2047'.

From January 1, 2026, 100 per cent Australian tariff lines will be zero-duty for Indian exports, unlocking fresh opportunities for labour-intensive sectors, Goyal informed.

On the third anniversary of the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA), the minister said that we are celebrating a partnership that has translated intent into impact.

“Together, India and Australia are building a future of shared prosperity and trusted trade,” Goyal posted on X social media platform.

Over the past three years, the agreement has delivered sustained export growth, deeper market access, and stronger supply-chain resilience, benefiting Indian exporters, MSMEs, farmers, and workers alike, according to Goyal.

India's exports to Australia grew by 8 per cent in FY 2024-25, improving India's trade balance. Strong gains were witnessed across manufacturing, chemicals, textiles, plastics, pharmaceuticals, petroleum products, and gems and jewellery.

“Agri-exports recorded broad-based growth, with sharp increases in fruits and vegetables, marine products, spices, and exceptional growth in coffee. Gems & Jewellery exports rose 16 per cent in April–November 2025,” said the minister.

Mutual Recognition Arrangement (MRA) on organic products was signed, marking a major milestone, enabling seamless trade and lowering compliance costs for exporters.

Meanwhile, India and New Zealand have also concluded a comprehensive and long-awaited FTA, marking a major economic and strategic milestone. The FTA eliminates duty on 100 per cent of Indian exports, along with a $20 billion investment commitment over 15 years to strengthen long-term economic and strategic cooperation.

India's total exports of goods and services surged to a record high of $418.91 billion during April–September 2025 of the current financial year to register a 5.86 per cent annual increase as the strong momentum of the previous financial year, that ended on March 31, continued into the new fiscal year.

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