India and Australia are planning to resume trade talks to re-launch the long-suspended Free Trade Agreement between the European Union and India. As per Textile Today, Indian garment exporters have been urging the government to conclude a trade deal with Australia since trade talks between the two countries were suspended in 2015. Exporters believe, this would help India export the additional $500 million goods to Australia.

In fiscal 2021, India’s exports to Australia were worth $4.04 billion, whereas imports were worth $8.24 billion. Though the balance of money is currently in Australia’s favor, it can altered if some part of the garment is included in the trade agreement. In terms of clothing, Australia imports approximately $6.6 billion worth clothing, with India accounting for 1.2 per cent. Resumption of negotiations will certainly impact trade figures.