Source: This post on India and Australia Strengthen Renewable Energy Partnership has been created based on the article “India, Australia firm up clean energy partnership; pushing for mega trade pact” published in The Hindu on 21st November 2024.
Why in news?
India and Australia have deepened their partnership across key sectors, with a strong focus on renewable energy, during the second India-Australia Annual Summit held alongside the G20 summit.
About Renewable Energy Partnership (REP)
1. India and Australia have established a Renewable Energy Partnership (REP) to foster practical cooperation in critical areas.
2. This partnership aims to enhance collaboration in solar energy, green hydrogen, energy storage, and related investments.
3. The initiative also promotes projects and technologies supporting clean energy transitions.
About Comprehensive Economic Cooperation Agreement (CECA)
1. Both countries are working towards a Comprehensive Economic Cooperation Agreement (CECA) to boost bilateral trade and economic ties.
2. This agreement is envisioned as ambitious, balanced, and mutually beneficial.
3. Building on the ECTA: The CECA builds on the momentum created by the 2022 Economic Cooperation and Trade Agreement (ECTA). Since its implementation, mutual trade between India and Australia has increased by 40%.
4. Commitment to Economic Growth: Both Prime Ministers expressed a commitment to maximizing the potential of the bilateral economic relationship through CECA.
Key Areas of Collaboration
The summit highlighted several areas for future cooperation:
1. Defence and Security: Both nations pledged to expand ties in defence industries and critical minerals.
2. Science and Technology: Mobility, innovation, and academic exchanges were identified as priority areas for collaboration.
3. Shipbuilding and Space Exploration: Opportunities in shipbuilding and space technologies were discussed as avenues for strengthened cooperation.
4. Sports Development: Both countries committed to enhancing their partnership through sports initiatives.
5. Support for Indian Community in Australia: Australian Prime Minister reaffirmed his government’s commitment to safeguarding the interests of the Indian community in Australia. He gave special emphasis to the welfare of Indian students, ensuring their rights and opportunities would be protected.
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