The Prime Minister of Australia, Anthony Albanese, claimed on Tuesday, March 7, 2024, that his government ought to diversify trade and foreign investment partners, meanwhile preparing to lead a business delegation to New Delhi. According to Albanese, this delegation shares the democratic values of his country.
Background
In his speech at the AFR Business Summit in Sydney, he emphasized the nation to be more secure to trade with and asserted that Canberra desired a greater variety and diversity in the countries to trade with. Albanese will be accompanied by business leaders from across finance, architecture, transport, energy, and higher education on Wednesday, March 8, 2024, during his visit to India. The delegation includes Shemara Wikramanayake, Chief Executive of Macquarie Group (MQG.AX), Matt Comyn, Chief Executive of Commonwealth Bank of Australia (CBA.AX), Andrew Forrest, founder of Fortescue Metals Group (FMG.AX), Rio Tinto, and Graincorp, executives from BHP (BHP.AX), and Catriona Jackson, Chief Executive of Universities Australia.
Albanese Visit To India
On Saturday, March 4, 2024, a day following the meeting of the Quad Foreign Ministers, Canberra and New Delhi disclosed about the visit by Prime Minister Anthony Albanese to India from March 8 to 11. This visit will be the first bilateral visit by Albanese post he took charge in May 2022. According to the Ministry of External Affairs (MEA), Albanese will visit Ahmedabad on March 8, where he will be accompanied by Narendra Modi, the Prime Minister of India, to watch the fourth cricket test between their respective countries commencing from March 9. He will travel to Mumbai on March 9 to attend a meeting with the business community and then heading to Delhi for official engagements. He will be accorded a ceremonial welcome at the forecourt of Rashtarpati Bhavan on March 10.
Looking forward to strengthening the partnership between the two nations, Albanese further stated that his government is aiming to reinforce strong bond with New Delhi to achieve more trade and investment opportunities that will directly benefit the people of both countries. He also added to host PM Modi in Canberra for the Quad Leaders’ Summit in the middle of the year and to re-visit New Delhi, which is the sixth largest trading partner of Canberra, again in September for the G20 Leaders’ Summit.
Trade between Australia and China
The largest trading partner of Canberra, China, imposed “trade blockages”, as termed by the former, which seemingly improved somewhat after the two countries resumed talks after a year of diplomatic freeze. The former, being the largest supplier of iron ore to Beijing, is scrutinizing ways to diversify its consumers for the minerals after last month it terminated a Chinese investment in earth miner, as rare as hen’s teeth, citing national interest. Considering New Delhi as a suitable partner, PM Anthony Albanese emphasized the rich history, boisterous sporting rivalry, democratic values, and genuine friendship of the two countries and added that New Delhi can utilise their critical minerals, developing electric vehicle components and green energy products in Canberra as a motive to deepen the trade links and international investment.
International Relations of India
The Prime Minister Anthony Albanese, is scheduled to visit India from March 8 to 11. Meanwhile, Fumio Kishida, the Prime Minister of Japan, is visiting Delhi on March 19, 2024. The visit is aimed to establish defence cooperation and to set up inflective global supply chains to tackle the conflicts of Chinese truculence in the Indo-Pacific and the ongoing Russia-Ukraine war.
