India and Australia sealed an ambitious renewable energy partnership at the 2nd India-Australia Annual Summit on the sidelines of the G20 Summit in Rio de Janeiro, Brazil.
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- India-Australia committed to advancing a Comprehensive Economic Cooperation Agreement (CECA) to unlock the full potential of their bilateral economic relationship.
- The joint statement of Summit highlighted the complementarity between India’s ‘Make in India’ and Australia’s ‘Future Made in Australia’ initiatives to create jobs and drive economic growth.
Key Highlights of 2nd India and Australia Annual Summit
- Renewable Energy Partnership (REP): India and Australia finalised an ambitious Renewable Energy Partnership, focusing on Solar energy, Green hydrogen, Energy storage investments in renewable energy projects and allied areas.
India-Australia Economic Cooperation and Trade Agreement (ECTA)
- The India-Australia ECTA is a comprehensive free trade agreement that came into effect on December 29, 2022.
- This agreement was aimed to boost economic ties between the two countries by removing tariffs and other trade barriers.
Key benefits of ECTA for India in 2024:
- Preferential Market Access: India benefited from preferential market access to Australia on 100% of its tariff lines.
- Zero-Duty Access: 96% of India’s exports to Australia have zero-duty access.
- Enhanced Opportunities for Indian Professionals: Indian graduates in STEM fields are granted extended post-study work visas in Australia.
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- Defence and Security: A shared vision of long-term collaboration in defence and security to enhance mutual strength and contribute to regional peace and stability.
- Affirmed commitment to freedom of navigation, respect for sovereignty, and adherence to international law, particularly under the UN Convention on the Law of the Sea (UNCLOS), amid tensions in the Indo-Pacific region.
- Indo-Pacific Vision: Reiterated support for an open, inclusive, stable, and prosperous Indo-Pacific, addressing regional challenges like China’s assertiveness in the South China Sea.
- Highlighted the Quad as a “force for global good,” delivering positive outcomes in the Indo-Pacific.
- Commitment to Global Peace and Reform: Stressed the importance of resolving global conflicts through dialogue and diplomacy, particularly in the Indo-Pacific and the need for reform in global institutions to address emerging challenges effectively.
- Education, Mobility, and Cultural Exchange: Australian PM assured the protection of the Indian diaspora and students in Australia, strengthening ties at the community level.
November 21, 2024
