Australia, India agree on strengthening economic, defence ties: During a visit to New Delhi on Friday, Australian Prime Minister Anthony Albanese announced that Australia and India have mutually decided to expedite their economic partnership in order to strengthen their defense ties. Notably, last year, the two nations inked a free trade agreement known as the Economic Cooperation and Trade Agreement (ECTA), marking India’s first such deal with a developed country in ten years.
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Despite efforts, a Comprehensive Economic Cooperation Agreement (CECA) of significant magnitude has remained in a stalemate of negotiations for more than a decade. In 2011, talks between the two countries were reinitiated, however, they were suspended in 2016 as negotiations were deadlocked. Although discussions recommenced in 2021, reaching an agreement has remained elusive thus far.
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Economic ties between India & Australia:
- The transformational deal will unlock the complete potential of the bilateral economic relationship.
- The deal will create fresh employment opportunities for people in both Australia and India.
- It will raise the living standards of people in both countries.
- Bilateral trade between Australia and India amounted to $27.5 billion in 2021.
- India believes that trade has the potential to almost double to $50 billion within five years under the Economic Cooperation and Trade Agreement (ECTA).
Defence ties between India & Australia:
- India and Australia are security partners within the Quad group, comprising the United States and Japan as well.
- Prime Minister Modi highlighted the importance of security cooperation as a crucial aspect of the comprehensive strategic partnership between the two countries. He made the statement during a joint press briefing following a private meeting.
- Australian Prime Minister Albanese stated that the two nations have made significant and ambitious strides in enhancing defense and security ties.
- The leaders also discussed issues pertaining to climate change during their meetings.
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