India, Australia Boost Economic, Trade Ties

Paola Ditto
Aprile 25, 2017

Two-way trade between India and Australia totalled $19.4bn in 2015-16, with major Australian exports to the country including coal, education-related travel, vegetables and gold.

Mr Turnbull, who will hold talks with Prime Minister Narendra Modi on Monday, had earlier said Australia will be a reliable provider of uranium, among other energy resources, to India. He said security is a priority as world leaders will be attending the summit. The Australian PM also emphasised on the need to conclude the Regional Comprehensive Economic Partnership (RCEP) led by China in the wake of the U.S. rejecting the TransPacific Partnership agreement.

Besides, the much awaited free-trade agreement remained elusive during the visit of PM Turnbull.

Prime Minister Narendra Modi focussed in the peace and stability the region stating that issues terrorism and cyber security and said that such challenges went beyond national boundaries of their regions and have to be dealt with mutual cooperation.

"My trip has been all about deepening more engaged collaboration between Australia and India in the fields of economics, sports, health, science and education", he said.

"We believe we can help because you recognise and acknowledge our experience in a very successful vocational education system", Birmingham said at the 4th Australia-India Skill Conference, 2017, held in conjunction with the visit of Prime Minister of Australia Malcolm Turnbull to India. So far, nine rounds of negotiations have been made, but the conclusive deal remains elusive.

In addition to this, lack of a commercial contract between the two countries has not allowed Australia to supply uranium to India, even after the two nations signed a civil nuclear cooperation three-year ago. Both leaders agreed that India and Australia share common interests in safeguarding safety of sea lines of communication and maritime security.

On the bright side, Australia has become the second-most popular destination after the United States for Indians studying overseas, with over 60,000 Indian students studying on the continent.

The MoUs were signed after the delegation-level talks between Prime Minister Modi and Prime Minister Turnbull.

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