Summit between PM Modi-Australian Prime Minister today, find out what is the relationship between the two countries

New delhi date. 4 June 2020, Thursday

Prime Minister Narendra Modi is set to hold a virtual bilateral summit with Australian Prime Minister Scott Morrison on Thursday. The summit could focus on strengthening ties on all issues, from diplomacy to the economy. This summit is very important considering the way the pole of the whole world is changing after Corona and it will greatly strengthen the relationship between the two countries.

This is the first virtual bilateral story of a country with India. However, Australia held a similar summit with Singapore last March. There has been an increase in internal understanding between India and Australia on regional and global issues. Both these countries want to adopt a free and prosperous attitude towards the Indo-Pacific region.

Growing economic ties

Economic ties between the two countries are also steadily strengthening. Bilateral trade between the two countries stood at .9 20.92 billion in 2018-19. India exported 5. 5.17 billion worth of goods and services to Australia and imported. 15.75 billion worth of goods and services from there. Australia has invested about 10. 10.74 billion in India while India has invested 10. 10.45 billion in Australia.

Australia's Passion Fund has invested about 1 1 billion in India's International Investment and Infrastructure Fund and there is a lot of potential for mutual trade and investment between the two countries. Australia has huge reserves of minerals and especially rare minerals. The two countries are trying to increase cooperation in the field of important minerals.

The changing pole after the corona

After Koro, other countries of the world are looking for an alternative to China while India is reducing its dependence on China. India can expect a lot from Australia in the field of rare minerals. Already huge quantities of coal from Australia are being dumped in India.

So many things are imported and exported

Companies like India's Adani have huge investments in Australia. A large number of students from India go to Australia for higher studies. Australia sees many investment opportunities in India's aviation, health sector, dairy, food and beverages.

India mainly exports agricultural products, medicines, gems, pearls, jewelery, engineering goods, leather goods, footwear, travel goods, textiles, clothing, chemicals, etc. to Australia.

Similarly, Australia exports coal, agricultural products, gold, dried vegetables, minerals, etc. to India.