By the end of March, India and Australia are likely to reach an interim trade agreement on goods and services. Australian High Commissioner to India Barry O’Farrell confirmed that the deal is likely to be completed. At a virtual bilateral meeting on Monday, Australia is expected to announce investments worth a total of Rs 1,500 crore. This will be the second virtual summit between the two countries, both of whom are Quad members. PM Modi and Morrison are likely to announce steps to improve collaboration in a variety of areas, including defence and rare earth minerals.
India and Australia will sign a Memorandum of Understanding (MoU) in the field of vital minerals, which will facilitate and expand India’s access to Australian metallic coal and lithium. According to reports, “India-Australia to conclude trade pact by the end of this month.”
Prime Minister Narendra Modi had previously met with his Australian counterpart ahead of the first in-person Quad meeting on September 23, 2021, which would be hosted by US President Joe Biden. Both presidents addressed strategies to strengthen the India-Australia Comprehensive Strategic Partnership during that encounter.
