{"id":321623,"date":"2024-12-30T15:48:49","date_gmt":"2024-12-30T10:18:49","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=321623"},"modified":"2024-12-30T15:48:49","modified_gmt":"2024-12-30T10:18:49","slug":"india-australia-economic-cooperation-and-trade-agreement-ind-aus-ecta","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/india-australia-economic-cooperation-and-trade-agreement-ind-aus-ecta\/","title":{"rendered":"India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA)"},"content":{"rendered":"<p><strong>News:<\/strong> The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) has reached its two-year milestone. It highlights significant achievement in strengthening bilateral trade ties and promoting mutual growth.<\/p>\n<h2>About Ind-Aus ECTA<\/h2>\n<ul>\n<li>It was signed on April 2, 2022 and came into force in December 2022.<\/li>\n<li><strong>Aim<\/strong>&#8211; To provide an institutional mechanism to encourage and improve trade between India-Australia.<\/li>\n<li><strong>Key Features of the ECTA:<\/strong>\n<ul>\n<li><strong>Tariff Reduction<\/strong>: Australia has removed tariffs on 96% of Indian goods, while India has extended concessions on coal, wine, and agricultural products to Australia.<\/li>\n<li><strong>Market Access<\/strong>: The agreement ensures mutual market access in key sectors such as pharmaceuticals, education, healthcare, and information technology.<\/li>\n<li><strong>Enhanced Professional Mobility<\/strong>: Indian professionals in IT and healthcare benefit from improved opportunities to access the Australian market.<\/li>\n<li><strong>Rule of Origin<\/strong>: The agreement includes a rule of origin clause to prevent any unintended benefits to third-party nations.<br \/>\n<table style=\"width: 100%;border-collapse: collapse;border-style: solid;background-color: #f7f5f5\">\n<tbody>\n<tr>\n<td style=\"width: 100%\"><strong>Recent Trends:<\/strong><\/p>\n<ul>\n<li><strong>Trade Growth:<\/strong> Bilateral merchandise trade surged from USD 12.2 billion in 2020-21 to USD 26 billion in 2022-23.<\/li>\n<li><strong>Utilization Rates:<\/strong> In 2023, export utilization stood at 79%, while import utilization reached 84%.<\/li>\n<li><strong>Moderation:<\/strong> Total trade amounted to USD 24 billion in 2023-24, with India\u2019s exports recording a 14% growth.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Note<\/strong>&#8211; The ECTA serves as a cornerstone for the forthcoming Comprehensive Economic Cooperation Agreement (CECA). The Comprehensive Economic Cooperation Agreement is an extension of the ETCA, for which negotiations are undergoing between India and Australia.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>News: The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) has reached its two-year milestone. It highlights significant achievement in strengthening bilateral trade ties and promoting mutual growth. About Ind-Aus ECTA It was signed on April 2, 2022 and came into force in December 2022. Aim&#8211; To provide an institutional mechanism to encourage and improve&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/india-australia-economic-cooperation-and-trade-agreement-ind-aus-ecta\/\">Continue reading <span class=\"screen-reader-text\">India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA)<\/span><\/a><\/p>\n","protected":false},"author":10367,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,164,12039],"tags":[11872],"class_list":["post-321623","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-international-relations-daily-factly-articles","category-knolls","tag-9pm-daily-factly","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/321623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10367"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=321623"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/321623\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=321623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=321623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=321623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}