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The Australian Parliament ratified the Economic Cooperation and Trade Agreement ( ECTA ) with India, paving the way for implementing the deal as early as January 1, 2023 . This will be India ’ s first trade deal with a developed country in more than a decade, after the Comprehensive Economic Partnership Agreement was signed with Japan in 2011 . India had a trade deficit of $8 . 5 billion with Australia in FY22, with $8 . 3 billion worth of exports and $16 . 8 billion worth of imports . Total bilateral trade is expected to cross $45 - 50 billion in five years from $25 billion at present after the trade deal comes into force . About Australia Capital : Canberra Currency : Australian dollars Prime minister : Anthony Albanese
