Prime Minister Narendra Modi with Australian PM Scott Morrison during a meeting.
Highlights
- Australia may announce its biggest ever investment of Rs 1,500 crore in India
- India and Australia may also conclude an early harvest deal at upcoming summit
- PM Modi, his Australian counterpart Scott Morrison will hold a virtual summit on Monday
Australia is likely to announce its largest-ever investment of Rs 1,500 crore in India across multiple sectors at the India-Australia bilateral summit, to be held on Monday.
Sources say both the nations will conclude an early harvest agreement by the end of this month.
Australia on Sunday said it is hopeful of concluding an early harvest trade deal with India by the end of this month.
Prime Minister Narendra Modi and his Australian counterpart Scott Morrison will hold a virtual summit on Monday that is expected to further enhance overall comprehensive strategic ties between the two sides including in areas of trade and investment.
"We are hopeful of signing the Phase one (early harvest) trade deal by end of this month," Australian High Commissioner to India Barry O'Farrell told reporters.
The harvest agreement is aimed at liberalising tariffs on the trade of certain goods between two countries or trading blocs before a comprehensive agreement.
India and Australia may also sign a Memorandum of Understanding (MoU) in the field critical minerals to help increase India's access to metallic coal and lithium in Australia. It will also help in the manufacturing, production of electric vehicles.
Australia is one of the world's biggest reserves of lithium and a provider of the cleanest metallic coal.
(With inputs from agencies)
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