Prime Minister Narendra Modi on Tuesday termed India as having a natural partnership with Australia, which is aimed at building a peaceful and a prosperous world.
"Prime Minister Abbott and I have spent the last week together - at the East Asia Summit, the G20 and for this bilateral summit. This reflects the broad framework of our relationship, defined by a growing partnership in the cause of a peaceful and prosperous world, and a strong and broad-based bilateral relationship. This is a natural partnership, arising from our shared values and interests, and our strategic maritime locations," Prime Minister Modi said in his opening statement after a bilateral summit meeting with his Australian counterpart Tony Abbot here.
Observing that New Delhi's economic relationship with Canberra encompassed all areas, Prime Minister Modi asserted that India's economic climate has changed for the better, and that he and Prime Minister Abbot had discussed what both nations should do to impart real momentum to the economic partnership.
"India and Australia have a great economic synergy. There are huge opportunities for partnership in every area we can think of - agriculture, agro-processing, resources, energy, finance, infrastructure, education, and science and technology. The economic climate in India has changed. I believe it will be a lot easier to convert opportunities into concrete outcomes," he said.
"Reconstituting the CEO Forum is an important step. We have agreed to speed up negotiations on the Comprehensive Economic Partnership Agreement. I also asked for easier access for Indian business to the Australian market and quicker investment approvals," Prime Minister Modi added.
Prime Minister Modi also stated that India will hold a 'Make in India' show in Australia in 2015 and in turn Australia would also be holding Business week in India in January 2015.
Earlier, kickstarting his day's engagement Prime Minister Modi visited at the War Memorial here where he paid his tributes to those Australians who had died at war while serving their country.
He was also accompanied by his Australian counterpart Tony Abbott, where he laid a wreath in the Hall of Memory . Prime Minister Modi observed few minutes of silence at the memorial as a mark of respect and signed the visitor's book here before he left.
Later, Prime Minister Narendra Modi was given a warm ceremonial reception here at the forecourt of the Australian Parliament and offered a gun salute.
He also inspected a guard of honour during his visit here.
Prime Minister Narendra Modi then met his Australian counterpart Tony Abbott for summit talks here following which the two countries signed five pacts.
Prime Minister Modi also addressed a special joint sitting of the Australian Parliament as well.
Earlier on Monday, arrived in Canberra on the third leg of his four-city tour of Australia from Sydney where he was received by Australian Foreign Minister Julie Bishop, reflecting the significance attached by Australia to the visit of Prime Minister Modi that comes 28 years after Rajiv Gandhi.
After addressing the Australian parliament here, Prime Minister Modi is scheduled to travel to Melbourne, before departing for Fiji for the third leg of his three-nation, 10 day trip.
