Sydney: Australia is looking for India's role in hosting the G20 meetings in the coming September, Senator Tim Ayres, Assistant Minister for Trade and Assistant Minister for Manufacturing said on Saturday.

Addressing the audience at Raisina @ Sydney Bussiness Breakfast, Ayres said that India is one of the greatest democracies in the world. There is a lot to look forward to in the Australia-India relationship. As the World's fastest-growing major economy, India offers vast opportunities.

"Australia is looking forward to hosting the quad leaders' meetings and India's leadership role hosting the G20 meetings in September... The Albanese government has a deep regard for our relationship with India. It's one of the great democracies of the world and of course, the largest democracy in the world. Of course, last year we celebrated 75 years of Indian independence. And in fact, there were celebrations with thousands of people engaged across Australia in the 75-year Independence Day celebrations. And they were very colorful and vibrant," Assistant Minister for Trade said.

India assumed the G20 presidency on December 1, 2022. G20 Delhi Summit is scheduled to take place in September this year, wherein Australian PM Anthony Albanese will also join the other G20 leaders.

Raisina@Sydney Bussiness Breakfast was organized by the Australian Strategic Policy Institute (ASPI) and India's Observer Research Foundation (ORF) at the InterContinental Hotel in Sydney.

Ayres also said that the relationship between Australia and India is enduring and it is deep. It spans oceans and industries. It has enriched Australia's culture as well as our economy, and it makes us a stronger and better place.

"The Indian diaspora in Australia is a core part of Australia's multicultural makeup. Most a million people in Australia claim Indian heritage. In last year's budget, the government made a substantive investment to advance Australia's strategic and economic cooperation with India. Our joint programs and initiatives include funding research collaborations in science, and technology, strengthening critical mineral supply chains and projects, and promoting our creative and cultural industries," Ayres said.

"And we're working together to build the peace, prosperity, and stability of our region through groupings like the quad and within structures like the Indo-Pacific economic framework. There is a lot to look forward to in the Australia-India relationship," he added.

Talked about the Australia-India Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, 2022, and entered into force at the end of last year, he said that it would struggle to make its way through the respective systems.

"Some unhelpful predictions were made by a colleague of mine who just lost government. It sailed through the Parliament because everybody in the Parliament, everybody in the government, understands how important this relationship is. As the world's fastest-growing major economy, India offers vast opportunities for Australian jobs and economic prosperity and for joint industrial, technological, and energy collaboration and cooperation. So we're eager as a government to build on the strong foundations laid by ECTA, by negotiating the next round, a comprehensive round, of that important trading agreement," Assistant Minister for Trade added.

In this event, External Affairs minister Jaishankar also participated and spoke about 5G, economic trade, and Covid.