India and Australia on Saturday signed an Economic Cooperation and Trade Agreement (ECTA) that seeks to almost double bilateral trade in the next five years to $45-50 billion from $27 billion now. India and Australia began the process for ‘IndAus ECTA’ from September 30, 2021.
The ECTA was signed by Indian Union Minister of Commerce and Industry, Shri Piyush Goyal, and Australian Minister for Trade, Tourism and Investment, Mr. Dan Teha. Prime Minister of India, Shri. Narendra Modi and the Prime Minister of Australia, Scott Morrison also attended the event.
ECTA would remove trade barriers and open up huge opportunities in both goods and services for both nations.