NEW DELHI: Australian Prime Minister Anthony Albanese will begin his maiden visit to India in his current role as the two countries look to boost trade and defence ties and also enhance cooperation in multi-lateral forums like Quad. Albanese will be on a three-day tour of India from March 8 during which he will visit Mumbai, Ahmedabad and New Delhi.
Albanese, who will first visit Ahmedabad and watch the India-Australia cricket test along with his counterpart
Narendra Modi, said, "Our two nations share a rich history, bound by our democratic values and enlivened by genuine friendship and fierce sporting rivalry".
He was also quoted as saying Australia would supply critical minerals to India.
Ahead of his arrival, official sources said Economic Cooperation Trade Agreement (ECTA) - the first free trade agreement (FTA) signed by India with any developed country in a decade - has resulted in immediate reduction of duty to zero on 96% of Indian exports to Australia in value (that is 98% of the tariff lines) and zero duty on 85% of Australia's exports to India. The two countries are looking to upgrade ECTA to a comprehensive economic partnership agreement.
The bilateral trade was $27.5 billion in 2021 but with ECTA, there is potential for bilateral trade to reach around $50 billion in five years, according to the government.
"Australia is the 17th largest trading partner of India and India is Australia's 9th largest trading partner. Indian yoga teachers and chefs will gain with an annual quota. There has been a resolution of double taxation of Indian IT companies which will save them over $200 million per year," said a source.
This will be Modi's fourth meeting with Albanese. They met thrice on the sidelines of multilateral engagements last year, including Quad summit in Tokyo and G20 summit in Bali. They also had a brief interaction at the state funeral of former Japanese PM
Shinzo Abe in Tokyo.
Sources said bilateral cooperation in defence sector is expanding.