Prime Minister Narendra Modi on Thursday called for closer cooperation between India and Australia, saying the two nations should strengthen their partnership as the world grapples with uncertainty, supply chain disruptions and an energy crisis triggered by ongoing tensions in West Asia.
Speaking at the India-Australia CEOs Forum during his visit to Australia, the Prime Minister said the changing global environment makes it essential for both countries to work together as reliable and trusted partners.
“We are living through a period of uncertainty, supply chain disruptions and an energy crisis. At such a time, it is natural and necessary for India and Australia to move forward as natural and trusted partners,” PM Modi said.
He noted that India and Australia have established a strong foundation for future cooperation by building on each other’s strengths over the past few years.
ECTA has strengthened economic ties
Highlighting growing trade relations, PM Modi said the Economic Cooperation and Trade Agreement (ECTA), signed in 2022, has significantly boosted bilateral economic engagement.
According to the Prime Minister, exports from India to Australia have doubled since the agreement came into effect, while businesses in both countries have gained improved access to each other’s markets.
He said the trade pact has created new opportunities for companies and strengthened economic cooperation between the two nations.
PM Modi calls for wider regional and sectoral collaboration
The Prime Minister also stressed that India-Australia cooperation should extend beyond interactions between national capitals.
He proposed expanding partnerships across states, cities, universities and industries to unlock greater economic potential.
PM Modi suggested identifying dedicated state-to-state and sector-to-sector collaborations and preparing strategies to advance them. He said India remains committed to taking business ties with Australia to new heights and expressed confidence that the CEOs Forum would generate fresh ideas, partnerships and investment opportunities.
Three-nation tour focused on trade and strategic cooperation
PM Modi is on a six-day visit to Indonesia, Australia and New Zealand from July 6. The tour is aimed at strengthening trade and investment, deepening strategic partnerships, engaging with business leaders and interacting with the Indian diaspora.
During his Australia visit, the Prime Minister is scheduled to hold bilateral talks with Australian Prime Minister Anthony Albanese in addition to participating in business and community engagements.