Rules for mutually recognising university qualifications in India and Australia are set to be agreed between the two countries.
Education Minister Jason Clare is leading a delegation of a dozen Australian vice-chancellors on an official visit to India this week.
Prime Minister Anthony Albanese is expected to lead a business delegation to India next week.
Mr Clare will sign a mechanism on the recognition of Australian and Indian qualifications.
India is Australia's second largest and fastest-growing source of international students with almost 130,000 enrolled with Australian providers as of December.
Before the COVID-19 pandemic, Indian students contributed about $6.1 billion to the economy.
The agreement will lock in rules for mutual recognition to access education in both countries, including the qualifications Australian universities provide online and offshore.
Universities Australia says the agreement will boost participation in higher education and improve access to employment in both countries, allowing students to use their qualifications where they wish to work.
Universities Australia chief Catriona Jackson said higher education and research were central pillars of the Australia-India relationship.
"Strengthening these links will deliver significant social, diplomatic and economic benefits, helping with skill shortages and driving research breakthroughs to prepare us for the future," she said.
"We are entering a golden era in our education relationship with India. We must make the most of it for the benefit of both our nations."
India is aiming to educate 500 million students by 2035.
Penny Wong is also making her first trip to India as foreign minister, to meet with her G20 counterparts and attend the Raisina Dialogue.
"I look forward to working with my counterparts on how we can address contemporary international challenges, including strengthening the multilateral system, food and energy security, and humanitarian assistance and disaster relief," she said.
Senator Wong will also travel to Malaysia to meet members of the new government and discuss trade, defence and regional security.
