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India-Australia 2nd Virtual Summit

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India-Australia 2nd Virtual Summit

Recently the Prime Ministers of India and Australia organized the 2nd India-Australia Virtual Summit.

India-Australia 2nd Virtual Summit

A look at the key findings of this summit:

  • The two countries agreed to hold an annual summit between the prime ministers, as part of the Comprehensive Strategic Partnership.
  • The Comprehensive Strategic Partnership was established during the first summit held in the year 2020.
  • Australia will invest more than 280 million Australian dollars to enhance cooperation in areas such as clean technology, space and innovation.
  • Also, both the countries will finalize a Comprehensive Economic Cooperation Agreement (CECA) at the earliest.
  • Prominent among the agreements that were signed during the summit are a Memorandum of Understanding on the Australian Critical Minerals Project between India’s Mineral Videsh India Limited, and Australia’s Critical Minerals Facilitation Office (CMFO).
  • Letter of intent regarding migration and movement was signed. Students and professionals will benefit from this partnership agreement.

Areas of cooperation between India and Australia:

  • Geo-Strategic: The two countries share a common interest in the Indo-Pacific region. Both envision a free, open, inclusive and prosperous Indo-Pacific region. In addition, both countries are also members of the Quad (QUAD) grouping.
  • Trade and Investment: Bilateral trade between the two countries stood at US$ 12.3 billion in the year 2020-21. The total value of two-way foreign direct investment (FDI) in the year 2020 was US$ 1.04 billion.
  • Defense and Security Cooperation: This includes- Strategic Partnership, Joint Declaration on Security Cooperation, Civil Nuclear Cooperation Agreement, regular military exercises (e.g., AUSINDEX; AUSTRAHIND etc.).

Source – The Hindu

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