Listen to Australian and world news and follow trending topics with SBS News Podcasts.TRANSCRIPT“Australia's relationship with India has never been more consequential than it is today We have ambitions of making a bid for 2036 Olympics, 2030 Commonwealth Games in India.”India is poised to become the third largest economy in the world and Australia is among the nations lining up to make use of the alliance.The two countries currently have more than $50 billion worth of trade between them.But it's defence that has featured most prominently.A week after Fiji and Australia signed a deal for enhanced cooperation - and days after China tested a missile in international waters - India and Australia have announced a commitment to further expand defense and security cooperation, including a focus on maritime security in the Indo Pacific.“The declaration reflects our shared commitment to a peaceful stable and prosperous Indo-Pacific Region