Australia's trade with India has doubled over the past decade to around $20 billion, Turnbull said, but added that it was a fraction of what it could and should be.
India is Australia's tenth-largest trading partner and its fifth-largest export market. Past year two-way trade in goods and services was almost $20 billion, more than double what it was a decade ago.
The prime minister mentioned that among the things Australia and India have in common are a cultural, intellectual and sporting engagement, converging political, economic and strategic interests and a solid foundation of shared democratic values.
Speaking earlier to Australian journalists, Turnbull said "we've got to be realistic about timing" for a bilateral deal with India.
As a result, the India-Australia ties have been on something of an autopilot. Australia's Education Minister, Senator Simon Birmingham, and Vice Chancellors from the Group of Eight, Australia's highest ranked universities, accompanied the Aussie prime minister in his visit to India.
For instance, a joint statement issued after the two Prime Ministers met, unequivocally referred to upholding the United Nations Convention on the Law of the Sea (UNCLOS), the freedom of navigation and lawful commerce and the resolution of maritime disputes in a peaceful manner.
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Shubenkov, 26, is a double European champion and also won a bronze medal at the 2013 world championships in Moscow. It's reported that the organization has received over 80 applications.
Turnbull also conceded on Monday that a free-trade agreement with India was at least five years away. "But, it is also a major factor for peace, stability and security in our region", Modi said. Turnbull has also received a jump in likes since posting a photo of himself and Modi, but nowhere near as many as Abbott had; his page has had a spike of 8131 likes in the past few days.
On India's skill development programme, Turnbull said Australia's industry-led vocational education and training system can play a key role training 400 million Indians by 2022.
"When household willingness and ability to pay increases, and renewables come much close to being grid parity with thermal power, then the need for imported coal diminishes", Ghosh said.
"Our trading agreement is delivering significant benefits to our respective nations", Turnbull said.
Mr Turnbull was also scheduled to meet on Monday night Gautam Adani whose multinational company wants to build the Carmichael coal mine in Queensland. Mr Turnbull said that decision rested with the independent board which administered the fund.
Modi, in his statement, said with the passing of legislation in the Australian Parliament with bipartisan support, Australia is "now ready to export uranium to India".
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