India Australia recently signed the Free Trade Agreement. This comes  with a bundle of benefits for both countries. As the Australian  Parliament approved the pact between the two countries on November 22nd,  2022, India and Australia are free to implement the free trade  agreement. The free trade agreement between India and Australia entered  into force on December 29, helping to nearly double bilateral trade to  $45–50 billion in five years. The agreement would aid in increasing  bilateral trade from USD 27.5 billion to USD 45–50 billion over the next  five years.

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