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India - Australia Trade Agreement

  • Posted By
    10Pointer
  • Categories
    Economy
  • Published
    2nd Apr, 2022

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.

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