India-Australia Annual Summit 2024

Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese met during the G20 summit in Rio de Janeiro. They reviewed their Comprehensive Strategic Partnership as they approach its fifth anniversary in 2025 and discussed various areas of collaboration.

Economic Cooperation

The leaders expressed satisfaction with trade growth under the Economic Cooperation and Trade Agreement (ECTA). They outlined plans for an ambitious Comprehensive Economic Cooperation Agreement (CECA). India’s “Make in India” initiative complements Australia’s “Future Made in Australia” strategy, aiming to boost job creation and economic growth. The extension of the Australia-India Business Exchange program was welcomed.

Climate Change Initiatives

The Prime Ministers brought into light the shared goal of tackling climate change. They launched the India-Australia Renewable Energy Partnership. This partnership focuses on solar power, green hydrogen, energy storage, and workforce training.

Defence and Security Cooperation

Modi and Albanese noted increasing cooperation in defence and security. They discussed joint military exercises and maritime security. The leaders encouraged participation of Indian defence industries in Australian defence events.

The summit also focused on educational and people-to-people connections. New consulates in Bengaluru and Brisbane were welcomed. The leaders discussed new visa programs to enhance mobility between the two nations.

Regional and Global Affairs

The Prime Ministers reaffirmed their commitment to a peaceful Indo-Pacific region. They emphasised the importance of freedom of navigation and international law. Discussions included cooperation in the Quad and ASEAN, addressing regional challenges such as climate change and terrorism. The leaders concluded their summit by looking ahead to the next Annual Summit in 2025. This will mark the fifth anniversary of their Comprehensive Strategic Partnership.

Important Facts for Exams:

1. Gaganyaan – Gaganyaan is India’s first human spaceflight programme. It aims to send Indian astronauts into space. The mission signifies India’s growing capabilities in space exploration and technology.
2. Quad – The Quad refers to the Quadrilateral Security Dialogue. It includes India, Australia, the United States, and Japan. The group focuses on promoting a free and open Indo-Pacific region.
3. ECTA – The Economic Cooperation and Trade Agreement (ECTA) enhances trade relations between India and Australia. It aims to reduce tariffs and improve market access, encouraging economic growth for both nations.
4. CECA – The Comprehensive Economic Cooperation Agreement (CECA) is a proposed trade agreement. It seeks deeper economic ties between India and Australia, focusing on various sectors, including services and investment.

Month: Current Affairs - November, 2024

Category: Economy & Banking Current Affairs