On 22nd November, 2022, the Australian Parliament ratified the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA). The agreement was signed by India with the previous Australian administration under Prime Minister Scott Morrison.
About the Agreement: The India-Australia ECTA is the first trade agreement of India with a developed country in more than a decade.
Significance: With the IndAus ECTA, the total bilateral trade will cross US$ 45-50 billion over five years from the current estimate of $27 billion. India’s merchandise exports are likely to increase by 10 billion by 2026-27.