During the G20 summit on November 19, 2024, Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese held the second annual conclave, focusing on key areas such as defense, security, mobility, and education.

In their joint statement, both leaders emphasized the importance of long-term defense collaboration to enhance regional peace and security.

They also discussed the necessity for reform in global institutions and reaffirmed their commitment to maintaining an open and stable Indo-Pacific, especially in response to China's military activities.

The leaders stressed the importance of exercising rights in international waters in accordance with international law, particularly emphasizing freedom of navigation as outlined by the UN Convention on the Law of the Sea.

Modi highlighted potential areas for collaboration, including the defense industry, critical minerals, renewable energy, shipbuilding, space, and sports.

A significant aspect of their partnership is the Renewable Energy Partnership (REP), which aims to facilitate cooperation in solar energy, green hydrogen, energy storage, and related projects.

Both leaders acknowledged the complementary nature of India's 'Make in India' initiative and Australia's 'Future Made in Australia' campaign, which are designed to create jobs and stimulate economic growth.

They expressed their commitment to an ambitious Comprehensive Economic Cooperation Agreement (CECA), building on the Economic Cooperation and Trade Agreement (ECTA) signed in 2022, which resulted in a 40% increase in mutual trade over two years.

Modi extended an invitation to Albanese to attend the upcoming Quad summit in India next year, highlighting the strengthening ties between the two nations.

Emphasizing peace and stability in the Indo-Pacific region, Modi reiterated the importance of resolving conflicts through dialogue.