Article courtesy of Times Now World.
New Delhi: After reaching Sydney for his second Australian visit, Prime Minister Narendra Modi told local media he wants closer bilateral defense and security ties as China’s influence in the Indo-Pacific region grows. On its part, Australia also vowed to take ties with India to the “next level”.
Apart from attending the community event, PM Modi is also scheduled to hold talks with his counterpart Anthony Albanese. And this discussion is expected to produce vital results in strengthening the India-Australia relationship. PM Modi’s foreign visit is important due to multiple reasons. Here is everything you need to know.
Indo-Australian trade pacts: Some background
During April 2000 and December 2022, India received USD 1.07 billion in investments from Australia, according to government data. Both countries have already implemented an interim free trade agreement on December 29 last year. The two nations are now engaged in widening the scope of that agreement into a Comprehensive Economic Cooperation Agreement (CECA).
Australia is the 13th largest trading partner of India in 2022-23. While exports stood at USD 6.95 billion, imports from that country in the last fiscal aggregated at USD 19 billion.
India is Australia’s largest export market for gold and chickpeas, the second-largest market for coal and copper ores and the third-largest market for lead and wool. Key products of imports from Australia include coal, copper ores and concentrates and petroleum.
The Agenda
According to an official statement released by the Australian government, during their bilateral meeting, PM Modi and Albanese are expected to discuss trade and investment between the two countries. They will explore ways to enhance trade through a Comprehensive Economic Cooperation Agreement. Strengthening people-to-people connections, renewable energy initiatives, and cooperation in defense and security matters will also be discussed, the release said.
“PM Modi will also meet Australian business leaders to drive Australia’s growing trade and investment relationship with India and take forward opportunities from the Australia-India CEO Forum held in Mumbai in March,” the statement further said.
PM Modi meets industrialists Down Under
Prime Minister Narendra Modi on Tuesday met some leading industrialists of Australia and highlighted India’s credentials as one of the most preferred economies for foreign investments, reports said. Modi held bilateral meetings with Hancock Prospecting Executive Chairman Gina Rinehart, Fortescue Future Industry Executive Chairman Andrew Forrest, and AustraliaSuper CEO Paul Schroder.
During his meeting with Rinehart, the prime minister highlighted the reforms and initiatives being undertaken in India and invited her to partner in technology, and invest in the mining and minerals sector, a statement by the Ministry of External Affairs in New Delhi said.
In a meeting with Schroder, he said that India is one of the most preferred major economies for foreign investments in the world and invited AustralianSuper to partner with India, it said. AustralianSuper is an Australian superannuation fund headquartered in Melbourne.
The Chinese aspect
Australia is keen to increase trade with India as a means of diversifying from China, Australia’s biggest trading partner. Australian efforts to improve trade relations with India have gained urgency in recent years as Beijing has closed down markets for targeted Australian exports.
What PM Modi said in Sydney
He said the strongest and biggest foundations of India-Australia relations are mutual trust and mutual respect, and the real reason behind this is the Indian diaspora. “The strongest and biggest foundations of this relation actually are mutual trust and mutual respect, and the real reason behind this is Indian diaspora,” he said.
Underling that the IMF considers India the bright spot of the global economy, Modi said according to the World Bank, if there’s any country which is withstanding global headwinds, it’s India.
“India has made record exports even in the most challenging times,” he said, adding that India does not lack capability, India does not lack resources either. “Today, the country which has the world’s biggest and youngest talent factory is…India.”
Prime Minister Modi also announced that India will open a consulate in Brisbane to fulfil the long-pending demand by the diaspora.
