Prime Minister Narendra Modi has advocated for stronger India and Australia ties as the world faces uncertainty and supply chain issues amid ongoing conflict in the Middle East. Addressing the Australia-India CEO Forum and the Economic Roadmap Business event in Melbourne on Thursday, PM Modi emphasized that the global economy is facing a challenging phase, making stronger India-Australia partnerships more important than ever. The prime minister made these remarks while highlighting that the world is currently navigating a period marked by uncertainty, supply chain disruptions, and an energy crisis, making it both natural and essential for India and Australia to move forward as natural and trusted partners. As per Business Standard, PM Modi noted that India's strong economic growth, policy reforms, digital transformation, and expanding innovation ecosystem were creating new business opportunities for Australian partners. Modi also called for early finalisation of the proposed India-Australia Comprehensive Economic Cooperation Agreement (CECA), stating it will propel bilateral economic ties to a 'new level'. The Third India-Australia Annual Summit Joint Statement reaffirmed that defence and security cooperation is a cornerstone of the partnership in an increasingly complex strategic environment, with leaders announcing the Joint Declaration on Defence and Security Cooperation reflecting a step change in bilateral defence relations.
PM Modi welcomed AustralianSuper's AU$500 million additional investment in India's National Investment and Infrastructure Fund (NIIF), highlighting growing global confidence in India's economic trajectory. In a post on X, Modi wrote, "India welcomes the AU$500 million investment from AustralianSuper, announced by their Chief Executive, Mr. Paul Schroder this morning in Melbourne. This is yet another glimpse of the global confidence in India's growth and reform trajectory. It also reflects the immense opportunities that our dynamic economy offers global investors." The investment brings AustralianSuper's total holdings in India across all asset classes to AU$3.3 billion, building on its original AU$240 million commitment to NIIF in 2019. AustralianSuper CEO Paul Schroder emphasized the long-term nature of the partnership, stating "I have had the chance to meet with Prime Minister Modi before, and he has always assured me that he understands business and investing. He thinks in the very long term about the prosperity of India and making sure that investors have a stable policy setting. I have been very impressed with the way he engages with business." AustralianSuper is Australia's largest super fund and manages over USD 410 billion of retirement savings on behalf of over 3.6 million people, according to the company.
The Prime Ministers undertook to explore the establishment of a bilateral innovation framework to connect the ecosystems of both countries and accelerate collaboration among governments, industry, academia, and research institutions. They acknowledged the significance of professional military education, joint research, wargaming and capacity building initiatives for future-ready military personnel, with leaders encouraging continued strengthening of linkages between military education institutions of both countries. The Third India-Australia Annual Summit Joint Statement emphasized the centrality of maritime cooperation to their shared vision for a peaceful, stable and prosperous Indo Pacific. The Leaders agreed to enhance maritime cooperation through the India-Australia Maritime Security Collaboration Roadmap, with India and Australia reaffirming their shared commitment to a peaceful and prosperous Indo-Pacific recognizing that effective maritime cooperation is essential to regional security. The Prime Ministers welcomed continued growth in two-way trade under the India-Australia Economic Cooperation and Trade Agreement (ECTA), and re-affirmed their commitment to progressing an ambitious, balanced and mutually beneficial Comprehensive Economic Cooperation Agreement (CECA).
PM Modi positioned manufacturing as a key driver of future bilateral cooperation, with significant scope for sector-specific investments between India and Australia. Viswanathan, Chair of the Make in India Focus Group at the Australia India Business Council, said Prime Minister Modi had laid out a clear roadmap for the next phase of bilateral engagement. "I was particularly impressed how each state of India will be able to contribute to the Australia's economic growth and by this collaboration in many sectors. So that is particularly very important to bilateral relations and he has set a tone for the future direction and the future level of engagement what is going to happen between Australia and India," Viswanathan noted. Anil Advaney, Founder of Amore Advisory, reflected upon PM Modi's speech, stating "We have a lot of opportunity in critical minerals, clean energy, green gas." The willingness to collaborate already exists on both sides, backed by strong enthusiasm from businesses across the two markets. What is needed now is a clear roadmap and focused direction to translate that intent into tangible partnerships and investments.
PM Modi highlighted the significant impact of the India-Australia Economic Cooperation and Trade Agreement (ECTA) on bilateral economic relations during his meeting with Victoria Governor Margaret Gardner. "The ECTA (Economic Cooperation and Trade Agreement) agreement, concluded in record time in 2022, has further strengthened our economic ties; since its implementation, exports from India to Australia have doubled, and businesses in both countries have benefited from new market access," PM Modi stated. The ECTA, concluded in record time in 2022, has laid the foundation for stronger bilateral economic ties, with exports from India to Australia having doubled since its implementation. India and Australia are actively negotiating a CECA to build upon the foundational ECTA, with Australia being India's 14th-largest trading partner with bilateral trade in goods and services valued at ₹2,00,000 crore (US$24.1 billion) in 2025-26. Modi noted that the ECTA has laid the foundation for stronger bilateral economic ties, with the agreement concluded in record time in 2022 providing a solid framework for enhanced cooperation. During his three-day visit to Australia, Modi met with Australian Prime Minister Anthony Albanese for wide-ranging discussions on strengthening cooperation in defence and security, trade and investment, education, mobility and people-to-people ties.
