India and Australia have shown interest in enhancing bilateral relations in terms of expanding economic engagement, converging strategic interests and a shared agenda in regional and multilateral institutions. They have affirmed their commitment to strengthen the bilateral Strategic Partnership and taking it to a new level of mutual trust.
Recently, during the visit of Australian Prime Minister, Mr. Tony Abbott, four Agreements/Memorandum of Understanding (MOUs) including Cooperation in the peaceful uses of nuclear energy, cooperation in Sports, cooperation in the field of Water Resources Management and Cooperation in Technical Vocational Education & Training have been concluded. The brief details on the signed MOUs are:
1. MOU on Cooperation in the peaceful uses of nuclear energy will promote cooperation in the field peaceful uses of nuclear energy. It recognizes India’s commitment and use of nuclear energy with a view to achieving sustainable development and strengthening energy security. Australia can play the role of a long-term reliable supply of uranium to India. It provides for supply of uranium, production of radio isotopes, nuclear safety and other areas of cooperation
2. MOU on cooperation in Sports will promote exchange of programmes, experience, skills, techniques and knowledge in the field of Sports. It will facilitate exchanges of sports personnel, coaches and officials as well as of training and technologies. It will develop preparation for competitions and broad cooperation in sports.
3. MOU on cooperation in the field of Water Resources Management is to promote sharing of policy and technical experiences in the water resources, particularly river basin management. It will encourage familiarisation of best practices and technologies developed by each side and for exchange of information and training. A JWG will coordinate the activities.
4. MoU on Cooperation in Technical Vocational Education and Training (TVET) is to promote exchange of information and policy ideas in TVET systems, joint implementation of collaborative projects and facilitating links between governments, industry organizations, TVET bodies. The focus will be to share experience and policy to build work force that is skilled and globally productive. The skills will promote broader cooperation including greater access to skilled labour across the region.
India – Australia Bilateral Trade and Investments
Bilateral trade between India-Australia has grown seven fold from US $ 1.72 billion in FY2002 to US $12.12 billion in FY2014. India’s exports to Australia rose from US $ 42 million in FY2002 to US $2.3 billion in FY2014 while imports from Australia increased from US $1.3 billion in FY2002 to US $9.82 billion in FY2014.
