New Delhi, Dec. 1 -- The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) will come into effect from December 29, 2022.

It is expected that with this agreement, the total bilateral trade will cross USD 45-50 billion in 5 years from existing USD 31 billion. Both the countries are complementarities in its trade opportunities.

The agreement will enter into force 30 days after this exchange of written notification between India and Australia in accordance with Article 14.7 of the agreement.

Post signing of Ind-Aus ECTA on April 2, 2022 and completion of the ratification processes and the necessary domestic requirements, including internal legal procedures, India and Australia has exchanged written notification...