India, Australia Agree On Closer Cooperation On Security And Trade

By siliconindia | Tuesday, 18 November 2014, 09:53 Hrs

Modi emphasised that the economic climate in India has changed. "I believe it will be a lot easier to convert opportunities into concrete outcomes."

He also announced that India will organise a 'Make in India' show in Australia in 2015 while Australia would hold a business week in India in January next year.

"Prime Minister Abbott and I discussed what we should do to impart real momentum to our economic partnership.

Reconstituting the CEO Forum is an important step.

"We have agreed to speed up negotiations on the Comprehensive Economic Partnership Agreement. I also asked for easier access for Indian business to the Australian market and quicker investment approvals," Modi said.

The two-way trade stands at a relatively modest USD 15 billion a year compared with USD 150 billion for Australia's two-way trade with China.

Modi said India and Australia were members of several institutions "critical" to the region and the world and both the countries should coordinate more closely on global fora.

He said the two countries need not have to rely on borrowed architecture of the past nor did the two have the luxury to "choose who we work with and who we don't." "But, what we do need is to work together and with others to create environment and culture that promotes the currency of co-existence and cooperation; in which all nations, small and big, abide by international law and norms, even when they have bitter disputes.

Highlighting the growing economic and military prowess of India, Abbott lamented the fact that the business between India and Australia was only limited to USD 15 billion.

"Australia welcomes India's strength in the Indian Ocean.

Source: PTI