India is looking to increase its trade with Australia to $45-50 billion annually from $31 billion at present in five years, with the newly-agreed India-Australia Economic Cooperation & Trade Agreement expected to provide a significant boost.
The agreement, passed by Australia's Parliament on November 22, will enter into force 30 days after domestic requirements have been met and confirmed, the Australian government said in a statement.
Minister for Trade and Tourism Don Farrell said Australia is ready to implement the deal and will work to implement it "as soon as possible".
"Delighted that India-Australia Economic Cooperation & Trade Agreement has been passed by Australian Parliament. A result of our deep friendship, it sets the stage for us to unleash the full potential of our trade ties & spur massive economic growth," Commerce Minister Piyush Goyal tweeted earlier today.