Prime Minister Narendra Modi and Australian PM Anthony Albanese co-chaired the 3rd India-Australia Annual Summit in Melbourne on May 23, 2024, advancing economic cooperation, trade, and investment between the two nations. The high-level talks marked a key phase in India-Australia relations, with both leaders emphasizing deeper business and energy collaborations.
Key Outcomes of the India-Australia Summit
The leaders participated in the India-Australia CEO Forum and Economic Roadmap Business Reception, engaging with corporate leaders to expand trade opportunities. Albanese highlighted efforts to strengthen economic ties, including job creation and business support, while Modi met former PM Scott Morrison to reaffirm diplomatic bonds.
Clean Energy and Investment Commitments
Addressing business leaders, Modi outlined India’s ambitious energy goals, inviting Australian pension funds—managing over $4 trillion—to invest in India’s growth. Key targets include:
- 500 GW of renewable energy capacity by 2030
- 100 GW of nuclear power capacity by 2047
- Net-zero emissions by 2070
He stressed the natural alignment between the two nations in education, skill development, and sustainable long-term investments.
Future of India-Australia Economic Cooperation
Both leaders reaffirmed their commitment to the Economic Cooperation and Trade Agreement (ECTA), which has doubled Indian exports to Australia since 2022. Modi described the nations as "natural and trusted partners" amid global economic shifts.
Further announcements on trade, infrastructure, and clean energy are expected as both countries solidify their strategic partnership.
