Australia clears path for uranium exports to India in major milestone

Australian PM Anthony Albanese confirmed the finalisation of an arrangement to export uranium to India for peaceful purposes. The deal, under the 2015 Nuclear Cooperation Agreement, is a major milestone in bilateral energy and strategic cooperation.

Australian Prime Minister Anthony Albanese on Thursday (local time) said that Australia and India have officially cleared the path for the export of uranium to India, finalising an operational arrangement under their long-standing civil nuclear framework. Addressing a joint presser with Prime Minister Narendra Modi, Albanese recognised this as a major milestone in bilateral energy and strategic cooperation between the two nations following the 2015 Australia-India Nuclear Cooperation Agreement.

"Today, we can confirm the signing of the arrangement to enable uranium exports to India for peaceful purposes under the 2015 Australia- India Nuclear Cooperation Agreement," he stated. According to the joint statement released, the two nations have finalised the administrative arrangements necessary to enable the export of Australian uranium to India for exclusively peaceful purposes and under International Atomic Energy Agency (IAEA) safeguards, as provided for under the Australia-India Nuclear Cooperation Agreement (2015).

Strengthening Energy Cooperation

The statement added that Australia and India are committed to working together to strengthen energy supply chain resilience, including through deepening regional cooperation, accelerating the energy transition, promoting the uptake of renewable energy resources and upholding open trade arrangements for energy and liquid fuels. Both countries recognise that increasing electrification of their respective energy systems will be a valuable source of energy security into the future.

Australia and India recognise our shared commitment to resilient trade and markets in energy, which extends to the region. Both countries acknowledge the specific energy resource security vulnerabilities for Pacific Island Countries and the importance of energy resource supply to their resilience and economic prosperity.

Shared Vision for a Prosperous Indo-Pacific

Additionally, it noted that Australia and India are Comprehensive Strategic Partners with a common vision for a free, open and prosperous Indo-Pacific region. Australia and India share deep concern over the situation in the Middle East and its consequences for our region, including the prolonged impact of disruptions on energy, resources and other important commodities' supply chains and prices. Amid this disruption, we reaffirm our shared commitment to open markets and rules-based trade, principles that underpin our prosperity and economic security, the statement read.

Advancing Bilateral Trade and Investment

Australia and India recognise the central role of trusted private sector partnerships and strategic investments to sustainable and reliable energy flows. In parallel, and in support of enhanced private sector engagement, both countries are committed to advancing bilateral energy trade and investment cooperation through the Economic Cooperation and Trade Agreement (ECTA), the ongoing work toward a Comprehensive Economic Cooperation Agreement (CECA), and other relevant bilateral frameworks.

Australia and India also reiterate the importance of capacity-building and knowledge exchange in the energy sector. Recognising Australia's role as an important supplier of liquefied natural gas to India and India's role as an important supplier of liquid fuels and other downstream products to Australia, Australia and India commit to support the continued flow of energy products and further enhance the energy trade between our two countries. Australia and India also reiterate the importance of encouraging investment opportunities across the energy value chain.

Commitment to Energy Security and Transition

Moreover, Australia and India also recognised shared commitment to resilient trade and markets in energy extends to the region. Both countries acknowledge the specific energy resource security vulnerabilities for Pacific Island Countries and the importance of energy resource supply to their resilience and economic prosperity.

Against this backdrop, Australia and India reaffirm our commitment to working together to strengthen energy security, including maintaining a stable, secure and reliable supply of energy products, such as coal, diesel, other liquid fuels and natural gas.

Furthermore, both countries reaffirmed their commitment to accelerating energy transition and strengthening cooperation on low carbon fuels. In this context, Australia noted India's initiative of Global Biofuels Alliance (GBA). Australia and India call on regional partners to join in ensuring global energy resource supply chains are kept open for the benefit of the security and prosperity of our peoples. (ANI)

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