A meeting between Prime Minister Narendra Modi and his Australian counterpart Malcolm Turnbull was followed by six pacts, including one for cooperation in combating worldwide terrorism and transnational organised crimes.
There have been nine rounds of negotiations so far.
"It is no surprise, therefore, that cooperation in the field of education and research is one of the most important aspects of our engagement", he said.
He added, "Our trading relationship is delivering significant benefits to our respective nations".
Amid Chinese aggressive policies in South China Sea, India and Australia have made a decision to expand their defence and security partnership. As for defence ties, the two countries agreed that their ties are solid as they recalled the Special Forces Bilateral Exercise which took place in October.
However, the much-anticipated Comprehensive Economic Cooperation Agreement, talks for which were initiated during the time of former Australian Prime Minister Tony Abbott, did not feature among the six MoUs. Recognizing that terrorism constitutes one of the most serious threats to peace and stability, both the leaders reiterated their strong commitment to combat terrorism in all its forms and manifestations.
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After the talks, PM Modi said, "Our bilateral mechanisms on counter-terrorism and transnational crimes are functioning well". The two leaders also inaugurated a research center on nano and bio technology.
Wrapping up his four day visit, Turnbull said India, which is evolving as an economic superpower, is now enormously important in the region.
External Affair Minister Sushma Swaraj also called on the visiting dignitary.
After holding delegation-level bilateral talks, the two heads of state arrived at Mandi House metro station on the Delhi metro's Blue Line to hop a ride.
"I am delighted to welcome you on your first ever visit to India".
Welcoming Turnbull on his first visit to India, Prime Minister Narendra Modi said the passage of Australian legislation meant the country was now able to export uranium to India.