I want to know info on co sleepers ? Are these safe? Do these follow safety standards . If so which ones are best to use ?

Red Nose recommends that the safest place for baby is in a cot that meets Mandatory Australian Standards. (AS/NZS 3172)
Bassinets (including “co-sleepers”) do not carry Mandatory standards in Australia.
https://www.productsafety.gov.au/products/babies-kids/kids-furniture/bassinettes
Red Nose recommends a cot generally, as there are Mandatory Standards in Australia for cots, but not for bassinets.
It is important to look at each bassinet (including co-sleepers/side-car cots) before buying to ensure risks are not evident.
Also, bassinets are not used for long term, & depending on the size or activity of the baby may only be suitable for 2 -3 months.
Once baby is attempting to roll, they need to be moved to a cot.

There are a number of “co-sleeper bassinets” on the market. Most of them either attach to the adult bed or have a side that can be unzipped.
Have a look at the “buying tips” from Product Safety website which outlines some features to look for when buying a bassinet.

Ensure the sides of the bassinette are at least 300 mm higher than the top of the mattress base.
Ensure it has a wide stable base and a sturdy bottom so that it won’t tip over.
Ensure the mattress fits well and is firm, smooth and no more than 75 mm thick.
If the product has folding legs, make sure it cannot accidentally fold during use.
https://www.productsafety.gov.au/products/babies-kids/kids-furniture/bassinettes

Are there any potential hazards such as entrapment, strangulation, suffocation or fall risks associated with using this product?

If the base of the bassinet/side-car cot does not fit flush with adult bed, there may be concern/risk of entrapment.
If the side is left down when baby is unsupervised, there may be a risk of falls.
As with all bassinets, once baby is attempting to roll, they need to be moved to a cot.

If a parent is thinking about using products where there are no AS/NZS Standards, it is important to ascertain not only whether the product may be effective but also is it safe to use under all circumstances and where the baby may be unsupervised.

Red Nose has included some information about Side-car cots in the information “Sharing a Sleep Surface”
Portable Sleep spaces - p5.  Download Sharing a Sleep Surface With a Baby

It is important for parents when they are thinking of buying a product for their baby to be able to make the best informed decision based on evidence of product safety. This is crucial for preventing SUDI or other fatal sleeping accidents.

It is often assumed that all nursery products sold in retail stores must be safe, however many products have never been formally tested so it can be difficult to tell what is safe for your child.
https://rednose.org.au/article/baby-safe-sleeping-products
https://rednose.org.au/article/bassinettes

Red Nose has included some information about Side-car cots in the information “Sharing a Sleep Surface”
https://rednose.org.au/article/is-it-safe-to-sleep-with-my-baby
Portable Sleep spaces - p5.  Download Sharing a Sleep Surface With a Baby

Download Sharing a Sleep Surface With a Baby