THUNDER DOWN UNDER

The growing bond between India and Australia got a fillip on April 2, when the governments of the two countries signed an Economic Cooperation and Trade Agreement (ECTA). According to government estimates, the pact will propel bilateral trade between the two countries to $100 billion (annually) over the next five years from the present level of $60 billion. Trade in goods is likely to almost double to $50 billion in the same period, and services trade is also likely to touch $15 billion. Such trade pacts provide market access for India’s exports, which have crossed $400 billion this year. Target: $1 trillion by 2030.