Australia and France will establish an annual Australia-France Defence Industry Symposium in an effort to enhance defence ties between the two nations.
Defence Industry Minister Christopher Pyne will co-chair the symposium with his French counterpart Minister Florence Parly.
"The Australia-France Defence Industry Symposium will focus on identifying further opportunities to deepen our defence industry and capability co-operation for the benefit of both nations," Minister Pyne said.
Following France's Naval Group securing the $50-billion contract to deliver 12 submarines to the Australian government, Australian and French businesses have been partnering to collaborate on defence projects and equipment. In February, Australian business Thomas Global and France's Safran Group established a partnership to manufacture and maintain defence equipment in Australia.
The announcement of the annual symposium was announced during French President Emmanuel Macron's visit to Australia where he met with Prime Minister Malcolm Turnbull and other Cabinet members.
South Australian Premier Steven Marshall also joined the prime minister and cabinet members for a series of meetings in Sydney to discuss growing France's investment with both the Future Submarine project and other defence and space opportunities.
The two nations also discussed promoting peace in stability in the Indo-Pacific region.
"I would very much like France, given it is the last European member of the EU being present in the Pacific after the Brexit ... to be at the heart of this project," President Macron said at joint media conference with Malcolm Turnbull.
"This region is crucial for the stability of the world."
Turnbull said Australia was looking to work with France on infrastructure and humanitarian relief within the region.
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"We share the vision of a free, open and prosperous Indo-Pacific and will work closely to realise it, whether it is closer co-operation on maritime activities, support for our friends in the Pacific through humanitarian and disaster relief, support for infrastructure in the region," the Australian Prime Minister said.