The growing partnership between Canberra and New Delhi will be a boon for both countries. For Australia, a burgeoning Indian economy and middle class hold many opportunities for future investment and economic development.
Australia-India relations received a major boost recently with the state visit of Prime Minister Anthony Albanese to India (March 8-11) and his meeting with Prime Minister Narendra Modi at the First India-Australia Summit Meeting. The two parties underscored the fact that the Comprehensive Strategic Partnership (CSP) between the two countries cuts across many sectors, including trade and economy. At the Summit Meeting, both PMs reached an agreement to deepen the CSP. According to the joint statement released during the summit conference, the two prime ministers discussed potential areas of collaboration on regional and global issues of common interest, defence and security cooperation, expressed appreciation for the ongoing momentum in bilateral and multilateral cooperation, and emphasised the strength of the multifaceted bilateral partnership that has resulted from the CSP.
However, the major focus was on enhancing the trade between the two countries. This was apparent from the sizeable corporate delegation that Albanese travelled with, in addition to the Minister of Commerce and Tourism Don Farrell and Minister of Resources Madeleine King. The main Australian exports to India have historically been resources, tourism, and education, but recent efforts have concentrated on fostering business relationships in a number of untapped sectors. A milestone achieved during this visit was the inauguration of a Deakin University campus in India (the first foreign university to have such rights).