The two leaders also looked forward to a long-term vision of defence and security collaboration to enhance collective strength, contribute to both countries’ security, and make an important contribution to regional peace and security, according to a joint statement.
The Renewable Energy Partnership (REP) would provide the framework for practical cooperation in priority areas such as solar energy, green hydrogen, energy storage, investments in related projects and allied areas.
In his media statement after the summit talks with Albanese, Modi said both sides will work on new possibilities of cooperation in areas like defence industry, critical minerals, renewable energy, ship building, space and sports.
The two prime ministers welcomed further work towards an “ambitious, balanced and mutually beneficial” Comprehensive Economic Cooperation Agreement (CECA) to realise the full potential of the bilateral economic relationship, the joint statement said.
Both sides are keen to build on the momentum created by the Economic Cooperation and Trade Agreement (ECTA) which was signed in 2022. In his remarks, Modi said work will be done for a mutually beneficial CECA and that Albanese committed to protect the interests of the Indian community in Australia, especially Indian students. After the implementation of ‘ECTA’, our mutual trade has increased by 40 per cent in the last two years, he said.
Modi also emphasised the need to resolve conflicts and tensions through dialogue and diplomacy.
“We have been and will continue to support peace, stability and prosperity in the Indo-Pacific region together. We have emphasised on dialogue and diplomacy to resolve global conflicts and tensions,” he said.
The prime minister said both India and Australia are also unanimous on the need for reform in global institutions.
Modi said Albanese has accepted his invitation for the Quad summit to be held in India next year.
“I am confident that in the times to come, the partnership between India and Australia will touch new heights and will become a force for the global good,” he said.
According to the joint statement, the two leaders observed that ‘Make in India’ and ‘Future Made in Australia’ have complementarity and collaborative potential and could help create new jobs, unlock economic growth and secure our future prosperity in a changing world.
“The leaders called for greater two-way investments reflective of the Comprehensive Strategic Partnership and instructed officials to explore ways to realise greater synergies between the economies of both the countries,” it said.
Modi and Albanese reiterated their commitment to supporting an open, inclusive, stable, peaceful and prosperous Indo-Pacific where sovereignty and territorial integrity are respected.
The comments came amid growing global concerns over China’s military muscle-flexing in the South China Sea as well as in the Indo-Pacific.
“The prime ministers underlined the importance of being able to exercise rights and freedoms in all seas and oceans consistent with international law, particularly the UN Convention on the Law of the Sea (UNCLOS), including freedom of navigation and overflight,” the joint statement said.
The two leaders also reiterated their commitment to strengthening cooperation through the Quad as a “force for global good which delivers real, positive and enduring impact for the Indo-Pacific”.