Canberra: Australian Prime Minister Anthony Albanese, Monday, said that he is honoured to host Prime Minister Narendra Modi in Canberra and added that India and Australia share a commitment to a stable, secure and prosperous Indo-Pacific.

"I am honoured to host Prime Minister Modi for an official visit to Australia, after receiving an extremely warm welcome in India earlier this year. Australia and India share a commitment to a stable, secure and prosperous Indo-Pacific," said Australian PM Albanese.

PM Modi's visit to Australia builds on the Australia-India Annual Leaders' Summit in New Delhi in March and discussions at the G7 Summit and Quad Leaders' meeting in Hiroshima over the weekend, said the official statement released by the Australian government.

"Together we have an important role to play in supporting this vision. As friends and partners, the relationship between our countries has never been closer. I look forward to celebrating Australia's vibrant Indian community with Prime Minister Modi in Sydney," he added.

Prime Minister Modi will visit Australia from May 22-24. At their bilateral meeting, the leaders will discuss trade and investment, including efforts to boost trade between the two countries through a Comprehensive Economic Cooperation Agreement and work to strengthen people-to-people links, renewable energy, and defence and security cooperation.

"PM Modi will also meet Australian business leaders to drive Australia's growing trade and investment relationship with India and take forward opportunities from the Australia-India CEO Forum held in Mumbai in March," according to the statement.

"During the visit, the Prime Ministers will attend a community event in Sydney to celebrate Australia's dynamic and diverse Indian diaspora, a core part of our multicultural community," the statement added.

Meanwhile, Albanese looks forward to visiting India in September for the G20 Leaders' Summit in New Delhi, the world's premier forum for economic cooperation.

The last visit of PM Modi to Australia was in 2014. The India-Australia relationship has grown stronger due to shared interests, values, and goals. Both countries want a free, inclusive, and rules-based Indo-Pacific region, and they aim to resolve any disagreements or conflicts through peaceful means.

Both are members of the Quad, Commonwealth, Indian Ocean Rim Association (IORA), ASEAN Regional Forum, Asia Pacific Partnership on Climate and Clean Development, and have participated in the East Asia Summits.

Both countries have also been cooperating as members of the Five Interested Parties (FIP) in the World Trade Organization context.

Australia is an important player in Asia Pacific Economic Cooperation (APEC) and supports India's membership of the organisation.