2nd India-Australia Annual Summit | 22 Nov 2024

Source: PIB 

Why in News?

The Prime Minister of India and the Prime Minister of Australia held the 2nd India-Australia Annual Summit on the sidelines of the 2024 Group of 20 (G20) Summit in Rio de Janeiro, Brazil. 

• Ahead of the fifth anniversary of the India-Australia Comprehensive Strategic Partnership in 2025, the Prime Ministers highlighted significant progress in areas including climate change, trade, defence, education, and regional cooperation. 

What are the Key Highlights of the India-Australia 2nd Annual Summit? 

• Renewable Energy Partnership: The India-Australia Renewable Energy Partnership (REP) was launched to bolster cooperation in solar energy, green hydrogen, and energy storage. 
• Trade and Investments: Committed to developing a Comprehensive Economic Cooperation Agreement (CECA), building on the success of the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA), which led to a 40% increase in mutual trade within two years. 
  • The Prime Ministers highlighted the complementarity between 'Make in India' and 'Future Made in Australia,' emphasising their potential to create jobs, drive economic growth, and secure future prosperity. 
  • Both Nations welcomed the extension of the Australia-India Business Exchange (AIBX) programme for another four years from July 2024. 
    • The AIBX is a 4-year program aimed at boosting trade and investment between India and Australia by providing market insights and fostering commercial partnerships. 
• Enhanced Mobility: Both nations recognized mobility between Australia and India as key to economic growth, they welcomed the launch of Australia’s Working Holiday Maker visa programme for India in October 2024. 
  • They also looked forward to the commencement of Australia’s Mobility Arrangement for Talented Early-professionals Scheme (MATES), aimed at promoting mobility of early professionals and providing Australian industry access to India’s top STEM (science, technology, engineering, and mathematics) graduates. 
• Strategic Collaboration: The leaders agreed to renew the Joint Declaration on Defence and Security Cooperation(JDSC) in 2025, reflecting their enhanced defence partnership and strategic convergence. 
  • The JDSC,agreed in 2007, aimed to strengthen cooperation in areas such as counter-terrorism, disarmament, non-proliferation, and maritime security. 
• Regional and Multilateral Cooperation: Both nations reiterated their support for a free, open, and inclusive Indo-Pacific, consistent with the United Nations Convention on the Law of the Sea (UNCLOS). 
  • They pledged continued collaboration under the Quad framework, emphasizing areas like pandemic response, cybersecurity, and critical infrastructure. 
  • The 2024 Indian Ocean Conference in Perth and India’s upcoming Indian Ocean Rim Association (IORA) Chairmanship in 2025 underscore mutual efforts in maritime ecology and sustainable development. 
  • Both nations reaffirmed commitments to supporting Pacific island countries through Forum for India-Pacific Islands Cooperation (FIPIC) framework.

What is the India-Australia Comprehensive Strategic Partnership? 

• About: In June 2020, India and Australia elevated their relationship from a 'Strategic Partnership' signed in 2009 to a 'Comprehensive Strategic Partnership' (CSP) to strengthen bilateral ties. 
  • It is grounded in mutual trust, shared democratic values, and common interests in areas like regional security, economic growth, and global cooperation. 
• Key Features of the CSP:  
  • Science, Technology & Research Collaboration: Enhanced cooperation on medical research, technology, and cyber security. 
  • Maritime Cooperation: Joint efforts to ensure a free, open, and inclusive Indo-Pacific, with a focus on sustainable maritime resources and combating illegal fishing. 
  • Defence: Expanding military cooperation by conducting joint exercises like the "Malabar" exercise and providing logistics support through agreements such as the Mutual Logistics Support Agreement (MLSA) to address common security challenges. 
  • Economic Cooperation: Re-engaging on a Comprehensive Economic Cooperation Agreement (CECA), encouraging trade, investment, and collaboration in infrastructure, education, and innovation. 
• Implementation:  The CSP includes regular dialogues at various levels, including foreign and defence ministers meeting in a '2+2' format, Annual summits and ministerial meetings are intended to ensure continued cooperation. 

What are the Key Milestones in India-Australia Relations? 

• Bilateral Trade: India is Australia's 5th largest trading partner with two-way trade in goods and services valued at USD 49.1 billion in 2023. 
  • India's Exports to Australia: Refined petroleum, Pearls and gems, Jewellery, and Made-up textile articles. 
  • Australia's Exports to India: Coal, Copper ores and concentrates, Natural gas, Non-ferrous/Ferrous waste and scrap, and Education-related services. 
• Civil Nuclear Cooperation: In 2014, India and Australia signed the Civil Nuclear Cooperation Agreement, allowing uranium exports to India.  
  • The agreement came into force in 2015, facilitating the supply of uranium for India's peaceful nuclear energy needs. 
• Defence and Security Cooperation: India-Australia defence ties are strengthened through joint exercises like AUSINDEX, Pitch Black, and initiatives like the 2022 General Rawat Exchange Programme, a military exchange program. 
  • India and Australia have signed an agreement allowing the Royal Australian Air Force (RAAF) to refuel Indian aircraft near Australian airspace. This aims to enhance interoperability and boost operational reach in the Indo-Pacific region.  
    • Under this agreement, the RAAF’s KC-30A will refuel India’s P-8I surveillance aircraft, strengthening defence ties and regional security. 
• Multilateral Engagement: Active participation in Quad initiatives, IORA, and the International Solar Alliance (ISA). 
  • Australia supports India's candidature for a permanent seat in the United Nation Security Council and membership in the Asia-Pacific Economic Cooperation. 

Conclusion 

India and Australia have made notable progress in strengthening their economic and strategic ties, driven by shared democratic values. Despite challenges like delay in developing CECA, and evolving regional security, both nations remain committed to deepening their partnership. With continued cooperation, they are well-positioned to enhance ties in the future.