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Modi Continues To Strengthen Trade Agreements

INDIA

Indian Prime Minister Narendra Modi and Australian Prime Minister Scott Morrison have agreed to finalise both an early harvest trade deal and a comprehensive economic cooperation agreement during a virtual summit today.

  • Australia outlined a planned investment of AU$ 280 million in clean technologies, space, and innovation.
  • Indian Foreign Secretary Harsh Vardhan Shringla said the leaders agreed that the situation in Ukraine should not impact the Indo-pacific.
  • Modi has approached the response to Ukraine pragmatically. India has resisted calls from the US and Europe to condemn Russian actions while calling for a ceasefire and facilitating the evacuation of Indian students from Ukraine.
  • India has significant interdependencies with Russia in military hardware and as a counterbalance to China in the region. India also exports around USD$1.5 billion of goods to former Soviet states via Russia.
  • India has stated an openness to purchasing discounted Russia oil and there have been reports that India is working to strengthen a rupee-ruble trade agreement to allow trade with Russia amid Western sanctions.

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