Also, the two leaders are expected to look into the situation in the so-called Indo-Pacific region, the Press Trust of India news agency reported.
The Australian Prime Minister arrived in New Delhi on Thursday afternoon after concluding his engagements in the cities of Ahmedabad and Bombay.
Modi and Albanese witnessed a cricket match between India and Australia in Ahmedabad.
The Australian ruler visited Mumbai, where he participated in the India-Australia CEOs Forum.
Before starting his visit to India, Albanese said that a stronger partnership between the two nations is good for regional stability and means more trade and investment.
This is his first visit to India after assuming the senior post in May last year, and it comes after a series of high-level engagements and exchange of ministerial trips between the two parties in 2022 and 2023.
External Affairs Minister Subrahmanyam Jaishankar traveled to Australia on February 18, while his counterpart Penny Wong visited New Delhi from February 28 to March 3.
Bilateral economic ties are on the rise and the Economic Cooperation and Trade Agreement (ECTA) entered into force in December 2022, marking the first free trade agreement signed by India with a developed country in a decade.
ECTA resulted in an immediate reduction of tariffs to zero on 96% of Indian exports to Australia in value and zero tariffs on 85% of Australia’s exports (in value) to India.
Bilateral trade amounted to 27.5 billion dollars in 2021, with Australia being India’s 17th trading partner, while the South Asian nation is the oceanic country’s ninth partner, according to official data.
It is expected that with ECTA, bilateral trade will reach around 50 billion dollars in five years.
India is also one of the main sources of skilled immigration to Australia, where its diaspora continues to grow in size and importance.
Cooperation in the field of education also has an upward trajectory and both parties signed a mechanism for the mutual recognition of educational titles, which is expected to facilitate the mobility of students between the two countries.
In Australia there are more than 100,000 young Indians pursuing higher education, making them the second largest group of foreign students.
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