India and Australia agreed on an ambitious renewable energy partnership and looked forward to working towards a comprehensive economic cooperation agreement as PM Narendra Modi and his Australian counterpart Anthony Albanese met on the sidelines of the G20 leaders’ Summit in Brazil.
Strengthening ties in areas of defence and security, mobility, science and technology and education figured prominently during the second India-Australia annual conclave held late Tuesday. The two leaders also looked forward to a long-term vision of defence and security collaboration to enhance collective strength, contribute to both countries’ security, and make an important contribution to regional peace and security, according to a joint statement.
The two PMs welcomed the launch of the Renewable Energy Partnership (REP) which would provide the framework for practical cooperation in priority areas such as solar energy, green hydrogen, energy storage, investments in related projects and allied areas, it said.
In his media statement after the Summit talks with Albanese, Modi said both sides will work on new possibilities of cooperation in areas like defence industry, critical minerals, renewable energy, ship building, space and sports.
With both sides keen to build on the momentum created by the Economic Cooperation and Trade Agreement (ECTA), which was signed in 2022, the two PMs welcomed further work towards an “ambitious, balanced and mutually beneficial” Comprehensive Economic Cooperation Agreement (CECA) to realise the full potential of the bilateral economic relationship, the joint statement said.
Modi said work will be done for a mutually beneficial CECA and that Albanese committed to protect the interests of the Indian community in Australia, especially Indian students. After the implementation of ECTA, our mutual trade has increased by 40% in the last two years, he said.
Modi also emphasised the need to resolve conflicts and tensions through dialogue and diplomacy. “We have been and will continue to support peace, stability and prosperity in the Indo-Pacific region together,” he said.
The joint statement said that they expressed intent to “renew and strengthen the Joint Declaration on Defence and Security Cooperation in 2025, to reflect ambition in both countries’ elevated defence and security partnership and strategic convergence”.
Modi said both India and Australia are also unanimous on the need for reform in global institutions. Modi said Albanese has accepted his invitation for the Quad summit to be held in India next year. “I am confident that in the times to come, the partnership between India and Australia will touch new heights and will become a force for the global good,” he said.
According to the joint statement, the two leaders observed that ‘Make in India’ and ‘Future Made in Australia’ have complementarity and collaborative potential and could help create new jobs, unlock economic growth and secure our future prosperity in a changing world.
“The leaders called for greater two-way investments reflective of the Comprehensive Strategic Partnership and instructed officials to explore ways to realise greater synergies between the economies of both the countries,” it said. Modi and Albanese reiterated their commitment to support an open, inclusive, stable, peaceful and prosperous Indo-Pacific.
