" /> " /> " />

Virtual India-Australia Summit: The two countries consolidate a series of initiatives to strengthen ties, India News News

India and Australia on Monday confirmed a series of new initiatives in the areas of critical minerals, clean energy, student mobility and tax benefits for sovereign wealth fund investments at a virtual summit between Prime Minister Narendra Modi and his Australian counterpart Scott Morrison.

The Australian side unveiled a total investment of around Rs 1,500 crore in some key sectors as the two sides pledged to further boost their ties, including in the Indo-Pacific region.

The two strategic partners decided to set up an exchange program for young defense officers to strengthen military cooperation and announced the creation of a working group to examine whether the two parties could recognize the same diplomas.

The exchange program is named after India’s first chief of staff, General Bipin Rawat, who was killed in a helicopter crash in December.

Stressing the importance of unleashing the untapped potential of bilateral trade and investment, Modi and Morrison agreed that the two sides should try to conclude the proposed Comprehensive Economic Cooperation Agreement (CECA) at the earliest.

The two sides also announced the establishment of a mechanism of annual summits between the two countries aimed at creating a structural system for regular review of relations.

At a press conference, Foreign Minister Harsh Vardhan Shringla said a memorandum of understanding signed by India’s Khanij Bidesh India Ltd (KABIL) and Australia’s Critical Minerals Facilitation Office will facilitate the establishment a framework for joint investment in Australian projects for the extraction of critical minerals.

“This is an important area for both of our countries and this agreement will give us both the opportunity to invest in Australia’s critical minerals sector and to obtain Australian expertise in this area,” he said. -he declares.

India is seeking to strengthen cooperation with Australia in the areas of critical minerals, as the country has a significant source of lithium, cobalt and vanadium, considered crucial for the manufacture of critical electronic components.

The two parties also confirmed a letter of intent to work on a partnership agreement on migration and mobility.

A separate letter of arrangement has been signed for the credential recognition review.

Another MoU has been signed for broadcast cooperation and collaboration between Prasar Bharati and Australia’s Special Broadcasting Service (SBS).

In his opening remarks, Modi said remarkable progress has been made on CECA in a very short time.

“I am convinced that the remaining issues will also soon be resolved. The rapid completion of the CECA will be crucial for our economic relations, economic recovery and economic security,” he said.

“There is also good cooperation between us within Quad. Our cooperation reflects our commitment to a free, open and inclusive Indo-Pacific. Quad’s success is very important for regional and global stability,” said Modi.

Morrison said an “interim” CECA will help unlock new opportunities and benefits for countries. “That will bring us closer to a full deal as soon as I hope we can achieve that.”

Australian High Commissioner Barry O’Farrell said on Sunday the interim or early harvest trade pact would be signed by the end of this month.

Modi said global relations have seen significant progress over the past few years.

“Trade and investment, defense and security, education and innovation, science and technology – we have very close cooperation in all of these areas. Our collaboration has rapidly expanded into many other areas such as critical minerals, water management water, renewable energy and Covid -19 research,” he said.

A statement from the Australian government said the two countries will establish a working group to develop “qualification recognition arrangements” for Australia and India to improve two-way mobility.

“The task force, announced by Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi, will address the recognition of online and blended learning, joint degrees and offshore campuses,” he said.

Acting Australian Education Minister Stuart Robert said the task force would consult with stakeholders to identify opportunities for the recognition of Australian and Indian higher education qualifications and to make recommendations to improve provisions based on best recognition principles and practices.

Shringla said the two sides also agreed to increase cooperation between India’s National Investment and Infrastructure Fund and Australia’s Future Fund, which is a sovereign wealth fund.

“We are prepared to match the tax advantages that Australia gives to its sovereign and pension funds once they invest in India,” he said.

In his remarks, Modi also welcomed the announcement of the establishment of the Center of Excellence for Critical and Emerging Technology Policy in Bengaluru.

“It is imperative that we have better cooperation among ourselves in cyber and critical and emerging technologies. It is the responsibility of countries with similar values ​​like us to adopt appropriate global standards in these emerging technologies,” he said. -he declares.

WATCH | Second India-Australia bilateral summit: India and Australia discuss economic cooperation

About Perry Perrie

Check Also

Technology-Assisted Review Improves eDiscovery

Over the past decade, technology-assisted examination (TAR) has become an increasingly important tool in eDiscovery, …