Post-COVID-19 Australian and Indian Collaboration for Enhanced Effectiveness in the Resource Sector for Renewable Energy

Introduction

India and Australia as well as their international and economical significance extend beyond bilateral relations, with a considerable impact on issues affecting the Asia-Pacific region and the world at large (Star, 2019). Many nations are becoming more tactically and financially involved in the Pacific area as a result of the region's growth as a global economic hub and the shifting character of economic and political operations from the Atlantic to the Pacific. For decades, Australia has been involved in the Asia-Pacific area, notably with the East Asian economy heavyweights of Japan and South Korea, as well as China. Australia is pursuing a complete partnership with India, which may result in more trade and investment (Bhowmick, Saha, & Basu, 2019). Australia's foreign policy circle's support for the Indo-Pacific direction, as well as the concern of its sustainability, are pressing Australia to embrace India fully on the financial front (Gnanagurunathan, 2012). The development of the 'Indo-Pacific' area as a new geopolitical construct, a change from the 'Asia-Pacific' idea to cope with he strategic and economic reality in the region amidst China's ascent, has positioned India in a long-term strategic opportunity (Bhaskar, 2019). A few years ago, India was not even among the top business locations. India is now regarded as among the most attractive investment locations. India has grown and is being recognized on the world scene financially, politically, and strategically since the liberalization and economic reforms began in the 1990s (Bhowmick et al, 2019). From geostrategic cooperation and trade to soft power mechanisms like cricket and tourism, India and Australia have a wide range of relations (Smith, 2014). There are significant trade and business potential between the two nations, but their relationships have remained undeveloped throughout time (Hall, 2021). The focus on digital economies throughout the world, along with technical progress in both nations, is expected to improve marine connections and business climate.

The New Delhi-Canberra engagement is gaining traction as a key bilateral partnership, owing to shared interests in sectors such as academics regional stability, power and materials and global trade. Australia and India have a lot in common, both historically and in terms of geopolitics now (Brewster, 2014). In recent years, the shifting environment in the Indo-Pacific area has acted as a spur for closer connections (Bhowmick, et al., 2019). Australia and India are a perfect match for cooperation and collaboration since they share democratic ideals, a love of sport, and strategic and economic aspirations (Star, 2019). Both administrations have realized that the Australia-India connection must be prioritized in international relationships (Hall, 2021). Australia and India have maintained a friendly but distant relationship for a long time. There appears to be room to grow an economic alliance and improve regional integration (Smith, 2014). A strategic relationship, on the other hand, will not be easy to achieve it would need long institutional dedication from both sides (Brewster, 2014). This chapter focuses on understanding the strategic partnership between Australia and India on the front line of the resources and energy sector. With in-depth understanding and focused data collected from secondary sources, the chapter talks about how the relationship between both countries have evolved since the beginning. With the entire investigation taking place using secondary data, the data statistics and findings shown may lack the reality of the situation. This paper has considered the various relationships and plans of both countries from secondary data available from trusted resources which could lack the gravity of the situation and may not put the entire picture together. On the lines of other sectors, further research in this chapter shows how both countries have taken up various measures to strengthen their economies and how COVID-19 has impacted them. With the effect of COVID-19, just like all countries suffering the crisis, the chapter aims to learn in the following sections on how both countries are joining their hands together and reworking Free Trade Agreement (FTA) and other sector agreements to bring benefits and balanced outcomes to both countries.