The year 2024 is about to come to an end, with a lot happening on the global stage for India. The global news updates have moved at the speed of a snail but yet have travelled miles. Such has also been the case with agreements between India and Australia on diverse issues, ranging from defence to clean energy.
On 19th November 2024, the two countries agreed on an ambitious renewable energy partnership, aiming towards a Comprehensive Economic Cooperation Agreement. The Indian Prime Minister Narendra Modi along with his Australian counterpart, Antony Albanese met on the sidelines of G20 submit in Brazil to work out a partnership on clean energy. This comes as both nations have tried to strengthen their ties in areas of defence, security, mobility, science, technology, and education. In the annual India-Australia conclave that was held last Tuesday, the two leaders built a long-term vision of defence and security collaboration to boost collective strength in the Indo-Pacific region. According to a joint statement released by both countries, this partnership will be an important contribution to regional peace and security.
Renewable Energy Partnership (REP)
The RDP partnership will provide a framework for practical cooperation on target areas like solar energy, green hydrogen, energy storage, and investment in related projects or allied areas. Possibilities of cooperation in the defence industry, critical minerals, renewable energy, shipbuilding, space, and sports will also be worked out between the two nations. This shows the keenness from both sides to build on the momentum already set in motion by the Economic Corporation Trade Agreement or the ECTA, signed in 2022. The aim is to develop a mutually beneficial comprehensive plan, realising the full potential of the bilateral economic relationship between India and Australia.
The joint statement released also highlighted that the mutual trade between the two nations has increased by 40% in the last two years after the implementation of the ECTA. The joint statement further expressed “The intention is to renew and strengthen the joint declaration of defence and security Corporation in 2025 to reflect ambition in both countries, elevated defence and security, partnership and strategic convergence”.
India and Australia
In light of this partnership, Australian Prime Minister Albanese also committed to protecting the interests of the Indian community in Australia, especially the students. Prime Minister Modi responded to the positive support from Australia by stating that both nations have unanimity on the need for reforms on the prevailing global situation. Both the leaders observed that the ‘Made in India’ and ‘Future Made in Australia’ have complementary and collaborative potential to create new jobs, unlock economic growth and secure, a prosperous future in the changing world.
“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.”, said Prime Minister Narendra Modi as he recognised the humble welcome by Australia to his invitation for the QUAD summit to be held in India next year.
“The leaders called for a greater two-way investment reflective of the comprehensive strategy and partnership and instructed officials to explore ways to realise greater synergy between the economies of both the countries.”, the joint statement further exclaimed.
At a time when India is lobbying for regional support against the neighbouring state of China, Australia comes as an important player and partner. The two countries meet in their goal to support an open, inclusive, stable, peaceful, and prosperous Indo-Pacific.
