Tariffs are gone. Now, let's build on India-Australia pact, Pg10

Key Highlights:

• As of January 1, 2026, Australia has eliminated all tariffs on goods imported from India, granting completely free access to its nearly $2-trillion economy.
• Trade between Australia and India has crossed 50 billion Australian dollars (Rs 3 lakh crore) driven by the Australia-India Economic Cooperation and Trade Agreement (ECTA).
• India's goods exports to Australia have grown by 200% in the last five years, which is five times faster than India's global goods exports growth of 40%.
• ECTA is estimated to have created 1 million jobs in India.
• Australia and India are currently working to upgrade ECTA into a Comprehensive Economic Cooperation Agreement (CECA).

Detailed Insights:

• The ECTA has resulted in a doubling of two-way goods trade between Australia and India over the past five years, with strong growth in Australian commodity exports fueling "Make in India".
• Australian exports to India support an estimated 200,000 jobs in Australia.
• Indian products, including Mahindra cars, agricultural produce, and garments, are widely available in Australian markets and are consumed by both the Indian diaspora and the wider Australian population.
• India views Australia as a reliable partner in the Indo-Pacific region, with both countries aiming to build a future of shared prosperity and trusted trade.
• The proposed CECA aims to further strengthen trade and investment ties across goods and services and support new critical minerals supply chains.
• Australia has released "A New Roadmap for Australia’s Economic Engagement with India" to outline how it can contribute to and benefit from India’s economic growth.

Key Concepts Involved:

• ECTA (Australia-India Economic Cooperation and Trade Agreement): A trade agreement aimed at reducing or eliminating tariffs between Australia and India.
• CECA (Comprehensive Economic Cooperation Agreement): An upgraded version of ECTA, intended to further strengthen trade and investment ties.
• Make in India: An initiative by the Indian government to encourage companies to manufacture their products in India.