The final Test between India and Australia entered Day 2 in Ahmedabad on Friday with batters finally getting their skin in the game. The visitors have crossed 400 in the first innings and the Indian reply is awaited soon. Meanwhile, the Prime Ministers of both countries, who attended the match yesterday, shook hands off the pitch as India and Australia signed MoUs (Memorandum of Understanding) on various topics, including sports.
Prime Minister Narendra Modi and his Australian counterpart Anthony Albanese were in Delhi today to witness an exchange of MoUs. The agreements included a sports cooperation and an audio-visual co-production agreement. Additionally, the terms of reference for the Solar Taskforce were exchanged highlighting their shared commitment to renewable energy.
India also agreed to sign an MoU with the United States on semiconductors, paving the way for greater collaboration and coordination between the US Chips Act and India's SEMICON program.
Albanese announced today that Australia and India have agreed to strengthen their economic and defence ties. While the two countries signed a free trade deal called the Economic Cooperation and Trade Agreement (ECTA) last year, negotiations for a much larger Comprehensive Economic Cooperation Agreement (CECA) have been ongoing for over a decade.
Discussions restarted in 2021, and Albanese expressed hope that the CECA would be finalized this year.
"We also agreed on an early conclusion of our ambitious Comprehensive Economic Cooperation Agreement as soon as possible and I am hopeful that we will be able to finalise that this year," Albanese, who is on a three-day visit to India, told reporters.
ALSO READ | As the Australian PM arrives in India, here's why the business community is excited for Quad allies' meeting
"This transformational deal will realise the full potential of the bilateral economic relationship, creating new employment opportunities and raising living standards for the people of both Australia and India."
Bilateral trade between the countries was $27.5 billion in 2021, and India believes it has the potential to nearly double to $50 billion in five years under the ECTA.
Australia and India also discussed climate change and made "significant and ambitious" progress in strengthening defence and security ties as security partners through the Quad group, which also includes the United States and Japan.
Union Minister Piyush Goyal in February mentioned that the two nations were likely to sign an interim agreement in March to promote bilateral trade.
With agency inputs.
(Edited by : Abhishek Jha)
First Published: Mar 10, 2023 2:52 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM