'Aus vigorous supporter of India's Indo-Pacific Oceans Initiative'

New Delhi: External Affairs Minister S Jaishankar on Tuesday hailed Australia as "an early and vigorous supporter" of India's Indo-Pacific Oceans Initiative (IPOI) and said the relations between the two countries have shifted gears and moved into a higher orbit.

In an online address to the Australia-India Leadership Dialogue 2022, the minister said a trade of over USD 20 billion and investments at the USD 25-billion level stand to rapidly expand by the Economic Cooperation and Trade Agreement concluded in April 2022.

He also said Australia is a major educational destination for Indian students, who number in excess of 100,000, while the Indian community, estimated at 7.2 lakh, is a source of strength for both societies.

"But it is really in the realm of politics and strategy that the transformation has been the sharpest. Much of the growing convergence has been driven by concerns about the region's stability, prosperity and security," Jaishankar said.

He further said the deficit in global goods has been sought to be addressed by India and Australia working together bilaterally as well as in larger formats.

"This reflects their shared concerns about respect for international law and a rules-based order. The two countries may have long interacted in ASEAN-led forums, Commonwealth, Indian Ocean Rim Association, etc. But stronger leadership and more open exchanges have brought out the mutual benefits of closer cooperation and coordination.