The two big international developments this week were the Quad Summit in Melbourne and growing tensions over Ukraine.

Foreign ministers of India, Australia, Japan and US met in Melbourne and discussed further cooperation in critical technologies, the Quad vaccine partnership, climate change, infrastructure, space, cyber security and education.

The four nations pledged to deepen cooperation to ensure the Indo-Pacific was free from coercion, a reference to China's economic and military expansion.

The four leaders also committed themselves to creating responsible and resilient clean energy supply chains.

The Quad Summit took place in the backdrop of the Ukraine crisis. After President Joe Biden, urged Americans to leave Ukraine immediately, US Secretary of State Antony Blinken said in Melbourne that a Russian invasion of Ukraine could come anytime, even during the Olympics which end on 20th February. He also said that US would prefer to resolve differences through diplomacy. Russia and Belarus have started joint military drills at the Ukrainian border which will last 10 days and Ukraine has responded with drills of its own.

To decode the Quad Summit and implications of Russia Ukraine tensions, CNBC-TV18 spoke to Navtej Sarna, Former Indian Envoy to USA.

Also commerce minister Piyush Goyal after holding talks with his Australian counterpart Dan Tehan, said India and Australia could sign an interim trade deal in the next 30 days. The interim deal could include textiles, pharma, health, education, renewables and jewellery. Watch Dan Tehan, Minister of Trade & Investment, Australia discuss the roadmap for an interim deal.

For full discussion watch accompanying video.