The first Virtual Bilateral Summit between Australia-India held on June 4, 2020 has successfully heralded a great synergistic collaboration between the two APAC economies.

Prime Ministers Narendra Modi & Scott Morrison have committed to elevate the bilateral Strategic Partnership (which concluded in 2009) to a Comprehensive Strategic Partnership (CSP).

Both countries aspire to have an open, free, rules-based Indo-Pacific region which is supported by inclusive global and regional institutions to promote stable, prosperous, and sovereign states with shared interests.

Few Highlights:

• Joint Statement on a Comprehensive Strategic Partnership between Republic of India & Australia
• Joint Declaration on a Shared Vision for Maritime Cooperation in the Indo-Pacific
• Framework Arrangement on Cyber and Cyber-Enabled Critical Technology Cooperation
• MOU on cooperation in the field of Mining and processing of critical and strategic minerals
• Arrangement concerning Mutual Logistics Support (MLSA)
• Implementing arrangement concerning cooperation in Defence Science and Technology to the MoU on Defence Cooperation
• MoU on Co-operation in the field of Public Administration and Governance Reforms
• MoU on Cooperation in Vocational Education and Training
• MoU on Water Resources Management

We’ve made an infographic highlight to reflect the summit statement against findings from Tat Capital’s Australia India 2019 Industry Report, released during TatXpo2019 (refer attachment)

A brief look at the various sectors covered during the summit talks –

Education

Education being a central component of the economic relationship, both PMs noted to continue efforts to expand partnership in this area. They also concluded a new Memorandum of Understanding on Cooperation in Vocational Education and Training to create new areas of cooperation in policy development, program delivery and exchange of information.

As per the Industry Report by Tat Capital in 2019, India is already Australia’s 2nd -biggest education market and the familiarity of a growing Indian community in the diaspora provides additional boost to prospective Indian students.

Australia has an advantage over other countries with world-leading distance education platforms, and flexible study options. There are several existing partnerships between Australian and Indian universities on several academic and vocational skill training areas.

With the pandemic situation, it is of mutual interest to both countries that a partnership in Education has been agreed.

Check out the below report for more info on Tourism & Other Sectors: