New Delhi: Union Finance Minister Nirmala Sitharaman on Friday discussed opportunities for deepening New Delhi-Canberra economic cooperation with Australian Trade and Tourism Minister Don Farrell.

"Union Finance Minister Smt. @nsitharaman met Australian Minister for Trade and Tourism Mr. Don Farrell, today in New Delhi to discuss opportunities for deepening India-Australia economic cooperation," tweeted Ministry of Finance.

The two ministers also discussed issues of mutual interest, including macroeconomic conditions, opportunities for boosting investment from Australia to India and harnessing renewable energy, digitisation and technology revolutions underway in India.

They also discussed Bilateral Investment Treaty (BIT) and other economies issues and highlighted the rich potential for India and Australia.

"FM Smt. @nsitharaman and Minister Farrell exchanged views on ongoing consultations on the India-Australia Bilateral Investment Treaty #BIT," tweeted Ministry of Finance.

Highlighting the rich potential for India and Australia , the Ministry of Finance stressed on collaborating to promote solutions that increase interoperability between the national Digital Payment platforms to ensure resilient payment system.

India and Australia are collaborating on a comprehensive strategic partnership to strengthen economic, trade, and security relations, Prime Minister Narendra Modi said on Friday.

"Our teams are working on a comprehensive economic agreement," Modi said in a joint press conference with his Australian counterpart Anthony Albanese following bilateral talks in New Delhi.

Albanese said they agreed on an early conclusion of their "ambitious" Comprehensive Economic Cooperation Agreement, which he expects to be finalized later this year.

The Australian prime minister landed in India on Thursday for a four-day visit. He is accompanied by Minister for Trade and Tourism Don Farrell, and Minister for Resources and Northern Australia Madeleine King, as well as senior officials and a high-level business delegation.

Meanwhile, Australia and India also announced a landmark bilateral Audiovisual Co-production Agreement, further strengthening economic and cultural ties between our two nations.

The agreement was signed on Friday by Trade Minister Don Farrell and Minister of Information and Broadcasting Anurag Singh Thakur aiming to encourage collaboration and creative exchange, leading to more Indian-Australian co-productions showcasing the best of both cultures, landscapes and people.

The initiative will also provide projects in both countries with access to government funding including grants, loans and tax offsets.

Minister for Trade and Tourism Don Farrell saidthe agreement recognised India's role as a cultural powerhouse and would provide opportunities for each country's best screen talent to collaborate and create content.

"India is an important economic and cultural partner to Australia, and our governments have been working hard to bring our two film industries closer together."

"This Agreement will bring our actors, producers and filmmakers together and in turn, bring our people closer together."

The agreement will capitalise on India and Australia's thriving personal and cultural links. The Indian Film Festival of Melbourne is the largest annual celebration of Indian cinema outside of India. Australia's screen industry is widely recognised within India for its unique cultural perspectives.