India, Australia firm up renewable energy partnership

News: The second India-Australia Annual Conclave, held on the sidelines of the G20 summit, concluded with the signing of Renewable Energy Partnership (REP). The two countries also agreed to work on Comprehensive Economic Cooperation Agreement (CECA).

1. The launch of Renewable Energy Partnership (REP) will provide a structured framework for practical cooperation in priority areas like solar energy, green hydrogen, energy storage, investments in related projects and allied areas.

2. The two countries discussed the need to enhance bilateral ties in the domain of defence and security, critical minerals, mobility, education, space and sports.

3. The signing of the Economic Cooperation and Trade Agreement (ECTA) in 2022 has increased the bilateral trade by 40% in the last two years.

4. To sustain this economic momentum, stress was laid on negotiating a Comprehensive Economic Cooperation Agreement (CECA).

5. Both the countries share mutual strategic interests in the form of ensuring a free, open and inclusive Indo-Pacific.

6. Various initiatives like QUAD Partnership, Mutual Logistics Support Agreement (MLSA), Joint Military Exercises, 2+2 Ministerial Dialogue seek to enhance security partnership between the two countries.