Current Context : The 2nd India-Australia Annual Summit was held on the sidelines of the G20 Summit in Rio de Janeiro.

• Meeting was held between Prime Minister Narendra Modi of India and Prime Minister Anthony Albanese of Australia.

Major Initiatives and Agreements :

1. Extension of the Australia-India Business Exchange (AIBX):

• Program extended for 4 more years (from July 2024).
• Aims to provide businesses with market insights and foster partnerships.
• Originally launched in 2021.​

2. Launch of the India-Australia Renewable Energy Partnership (REP):

• Focuses on practical cooperation in renewable energy sectors such as solar PV, green hydrogen, energy storage, and workforce skills training.
• Supports two-way investments and skills upgrades for the clean energy sector.