New Delhi, Feb. 27 -- Exporters from Australia saved approximately USD 2 billion in tariffs by December 2024 due to concessions under the Economic Cooperation and Trade Agreement (ECTA) with India, according to an official statement.

The ECTA, which took effect on December 29, 2022, has significantly reduced trade barriers. Currently, over 85 per cent of Australian goods exported to India are tariff-free, with this figure set to rise to 90 per cent by 2026.

Similarly, 96 per cent of Indian imports to Australia are already tariff-free, with full exemption expected by 2026.

"Our free trade agreement with India has saved Australian businesses hundreds of millions of dollars. the savings are having a direct impact for Australians, reducing...