Prime Minister Narendra Modi on Wednesday invited Australian businesses to invest in India, emphasizing the country's growth potential and reforms. He also sought an early conclusion of the Comprehensive Economic Cooperation Agreement (CECA) between the two nations.
Meeting with Australian PM
Modi held a bilateral meeting with Australian Prime Minister Anthony Albanese on the sidelines of the Quad Leaders' Summit in Tokyo. The leaders discussed ways to enhance trade and investment ties, with Modi highlighting India's ease of doing business and opportunities in sectors like infrastructure, digital technology, and renewable energy.
According to an official statement, Modi expressed confidence that the early conclusion of CECA would further strengthen economic cooperation. The agreement is expected to reduce tariffs and boost bilateral trade, which currently stands at around $27 billion.
Focus on Economic Cooperation
Both leaders reviewed the progress of the India-Australia Economic Cooperation and Trade Agreement (ECTA), which came into force in December 2022. They noted that the agreement has already led to increased trade in goods and services. Modi urged Australian businesses to take advantage of India's growing market and investor-friendly policies.
Albanese acknowledged India's economic reforms and expressed interest in deepening collaboration in critical minerals, education, and technology. The two sides also agreed to expedite negotiations on the CECA, which aims to cover a broader range of areas including goods, services, investment, and intellectual property.
Strategic and Regional Issues
Beyond trade, the leaders discussed strategic issues such as maritime security in the Indo-Pacific and cooperation in multilateral forums. Modi and Albanese reaffirmed their commitment to a free and open Indo-Pacific, and stressed the importance of the Quad grouping in ensuring regional stability.
The meeting also touched upon cooperation in defense and counter-terrorism. Both leaders condemned terrorism in all its forms and called for concerted action against terrorist networks.
Outcome and Next Steps
The talks concluded with a joint commitment to finalize the CECA at the earliest. The next round of negotiations is expected later this year. The agreement is seen as a key step in realizing the full potential of the India-Australia strategic partnership.
