New Delhi: A major deal was agreed between India and Australia on Thursday. Now both countries will be able to use each other’s military base. The Foreign Minister of India said, ‘The deal means that now there will be more military cooperation between the two countries in the Indo-Pacific region. The deal was signed during a virtual summit between Prime Minister Narendra Modi and Australian PM Scott Morrison.

Prime Minister Narendra Modi on Thursday attended an online summit with PM Scott Morrison of Australia to discuss further strengthening the diverse dimensions of bilateral relations including healthcare, business and defense sectors. Has gone. In his opening address, PM Modi said that he believes that this is the right time, opportune moment to further strengthen the relationship between India and Australia and we have immense possibilities to make our friendship stronger.

The Prime Minister said, ‘How our relations become a’ factor of stability ‘for our region and for the world, how we work together for global betterment, all these aspects need to be considered.’ Modi said that India is committed to expanding its relations with Australia on a wider and faster pace. This is important not only for our two countries, but also for the Indian Pacific region and the world.

#WATCH Live – PM Narendra Modi & Australia PM Scott Morrison hold first ever 'India-Australia Virtual Summit'. https://t.co/jNzhaz6xeo

— ANI (@ANI) June 4, 2020

In the white paper on foreign policy in the year 2017, Australia recognized India as an important shipping power in the Indian Ocean countries and Australia’s advance partner.

Economic relations between India and Australia have increased over the years. The business between the two countries was 21 billion dollars in 2018-19. Both countries are hopeful of increasing business and investment. Australia’s total investment in India was $ 10.74 billion and India’s investment in Australia was $ 10.45 billion. Australia’s Super Pension Fund has invested $ 1 billion in the National Investment and Infrastructure Fund in India. In the last few years, India and Australia have also focused on increasing shipping cooperation. Australia and India conducted the first bilateral naval exercise in 2015. The third exercise was held in the Bay of Bengal in the year 2019. Australia has been supportive of India’s stand on the issue of cross-border terrorism.