Indo-Australia Audio Visual C0-Production Treaty: The Union Cabinet recently approved the signing of an Audio Visual Co-production Treaty between India and Australia.

Key Points:

• The Audio Visual Co-production Treaty between both countries is aimed at facilitating joint production of films between the two countries.
• Such agreements are Umbrella Agreements under which private, government agencies enter into contracts to produce films together.
• India has so far signed 15 Audio Visual Co-production Treaties with foreign countries.
• Australia has emerged as a preferred destination for shooting of Indian films.
• India is fast emerging as a major content hub for film makers looking for new projects.
• India has abundance of exotic locations, talent pool, relatively cheaper cost of production and post production, making India a favoured destination of foreign film makers.

As per the co-production treaty, the respective contributions of the producers of the two countries may vary from 20 per cent to 80 per cent of the final total cost of co-production work.

Significance:

• The proposed agreement will strengthen connections with Australia.
• It will promote cultural and artistic interaction, highlight India's soft power, and also create jobs.

About Australia:

• Australia, officially the Commonwealth of Australia is a sovereign country and the smallest continent and one of the largest countries on Earth.
• It lies between the Pacific and Indian oceans in the Southern Hemisphere. Australia's capital is Canberra.
• The currency used there is Australian dollar (AUD).
• The current Prime Minister of Australia is Scott Morrison.