India and Australia's trade has seen remarkable growth over the past decade, surging from $15.6 million to $27.8 billion, according to a study by India Exim Bank. The Economic Cooperation and Trade Agreement (ECTA) signed in 2022 played a crucial role.
About 96% of India's imports from Australia are raw materials, with coking coal accounting for 74%. The study suggests transforming ECTA into a Comprehensive Economic Cooperation Agreement (CECA) for closer economic ties.
Potential areas for cooperation include support for small businesses, digital trade promotion, geographical indication certified goods trading, and renewable energy partnerships.