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Quad is a strategic security dialogue between Australia, India, Japan, and the United States, initiated in 2007.
The assertion by the two countries came in a joint statement issued after Prime Minister Narendra Modi and German Chancellor Olaf Scholz co-chaired the sixth round of Inter-Governmental Consultations.
The merchandise exports rose by by 37 per cent to $400.8 billion in 2021-22 until March 21 against $292 billion in 2020-21.
China is the one big power that has yet to condemn Russia's assault.
Russia has relied heavily on missiles and shelling to subdue Ukraine's forces but has yet to secure any of its 10 largest cities.
India is the only country among this group of four big players in Quad which has abstained from the repeated United Nations votes on Russia's aggression against Ukraine.
India's relationship with China is right now going through a very difficult phase after Beijing violated agreements not to bring the military forces to the eastern Ladakh border.
Russian President Vladimir Putin seems to be threatening to launch an attack to force diplomacy to resolve intractable issues.
State Department Spokesperson Ned Price said on Wednesday that there was a discussion on Russia and Ukraine during the recently concluded Quad ministerial in Melbourne that included foreign ministers from Australia, India, Japan and the United States.
Foxconn said it would invest $118.7 million to set up a joint venture company with Vedanta, which would be the majority shareholder of the new venture.