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INDIA-AUSTRALIA VIRTUAL SUMMIT

Context

India and Australia conducted a virtual summit on March 21st. Critical investment, critical minerals, migration, defence, technological cooperation, and the digital sectors were all discussed at the conference.

Key Points

  • This summit was attended by Prime Minister Modi and Australian Prime Minister Scott Morrison.
  • In the year 2020, the first Virtual Summit was convened.
  • Following the most recent virtual summit, the decision was reached to host annual summits at the Heads of Government level.

Critical minerals and investments sector

  • An MoU was signed between Khanij Bidesh India Ltd. (KABIL) and the Critical Mineral Facilitation Office of Australia about critical mining cooperation. 
  • Increased cooperation between Australia's Future Fund, a sovereign wealth fund, and India's National Investment and Infrastructure Fund (NIIF) is also planned. 
  • In addition, the treaty intends to boost India's commerce with Australia.

Defense and security sector

  • The countries together have announced a "General Vipin Rawat young defence officers exchange programme." 
  • Young officers from both countries will be able to familiarise themselves with each other due to this. 
  • The Quad grouping was also examined and its significance in the Indo-Pacific.

Migration

  • The countries also signed a memorandum of intent to form a "Migration and Mobility Partnership Agreement." 
  • This agreement will aid in the facilitation of migration between the two countries.

Digital and technological sector

  • India has proposed that both countries' digital payment systems be integrated. 
  • India's United Payments Interface and Australia's New Payments Platform are the two payment systems. 
  • Both countries and their residents will benefit from the system integration. 
  • There has also been cooperation between the countries in the field of space.

Conclusion

  • The countries will also work together on other crucial issues such as climate change, the Coalition for Disaster Resilient Infrastructure, and the International Solar Alliance.

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