India, Australia firm up clean energy partnership, pushing mega trade pact

India and Australia have solidified their partnership with an ambitious Renewable Energy Partnership (REP) and a commitment to a Comprehensive Economic Cooperation Agreement (CECA) to enhance bilateral ties. During the second annual conclave on the sidelines of the G20 summit, Prime Ministers Mr. Narendra Modi and Mr. Anthony Albanese discussed a range of areas for collaboration, including defence, security, critical minerals, renewable energy, science and technology, and education. The REP aims to facilitate cooperation in solar energy, green hydrogen, energy storage, and investments in related sectors, while the CECA seeks to build on the success of the Economic Cooperation and Trade Agreement (ECTA), which boosted mutual trade by 40% in two years. Both leaders emphasized advancing peace and prosperity in the Indo-Pacific, underlining respect for sovereignty and adherence to international maritime law.

The joint statement highlighted the complementarity between India's 'Make in India' and Australia's 'Future Made in Australia' initiatives to create jobs and drive economic growth. The leaders stressed the importance of reforming global institutions and maintaining dialogue to resolve international conflicts. They reiterated their commitment to the Quad as a force for global good and announced collaborative efforts for the upcoming Quad summit in India. With a shared vision for security, economic prosperity, and sustainable development, the partnership is set to reach new heights while addressing regional challenges like China's assertiveness in the Indo-Pacific.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.