India Australia Agreement

Posted: December 10, 2020 in Uncategorized

Among the agreements announced at the summit were a joint declaration on a comprehensive strategic partnership and a joint declaration on a common vision of maritime cooperation in the industrial space. India has already signed similar agreements with the United States, France and Singapore. India and Australia today reached an opening agreement on reciprocal access to military logistics support bases, in addition to consolidating six other pacts to further expand relations, following an online summit by Prime Minister Narendra Modi and his Australian counterpart Scott Morrison. The mutual logistical support agreement was signed at a virtual summit between Indian Prime Minister Narendra Modi and his Australian counterpart Scott Morrison. India and Australia have signed a landmark agreement allowing the use of the other country`s military bases. , an agreement to implement cooperation in defence science and technology with the existing MoU in defence cooperation. Formal negotiations for the ECSC began in 2011 and continued in 2014, when Prime Ministers Abbott and Modi renewed the two countries` commitment to a balanced and mutually beneficial agreement quickly. In April 2015, then-Australian Trade Minister Andrew Robb visited India. Australia and India are on the road to concluding the Comprehensive Economic Cooperation Agreement (ECSC), which is expected to provide a significant boost to investment in both sides and further strengthen bilateral economic relations. Independent models made in 2008 showed that an ECSC between Australia and India could result in a net increase in Australian GDP of $32 billion and India`s GDP of $34 billion over 20 years. The study concluded that resources, agriculture, manufacturing, financial services, software, telecommunications and education are likely to benefit the most from a trade agreement between India and Australia.

Since the end of the study, these possibilities have become even clearer and greater.

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