Uranium, energy pacts with Aus to charge up India
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Live Events as a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now! (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: Australia agreed to supply uranium to power India’s nuclear reactors as the two countries elevated their comprehensive strategic partnership with accords on defence, maritime security, critical minerals and traditional energy.Prime Minister Narendra Modi and his Australian counterpart Anthony Albanese said the pacts underscored the importance of their partnership in ensuring a stable Indo-Pacific region. “Today, we have signed an important agreement in the field of nuclear energy,” Modi said. “This will open the way for uranium supplies from Australia to India and give new impetus to our clean energy objectives.”At the conclusion of their annual summit in Melbourne during Modi’s visit, the two sides announced 18 pacts and memoranda of understanding (MoUs), including a joint declaration on defence and security, a joint statement on energy ties, and a road map for cooperation in cyber, critical technologies and supply chains.
These include a civil nuclear energy pact that will allow the commercial supply of uranium by Australia, which has the world’s highest reserves of the material.Australia's relationship with India “has never been more consequential than it is today,” Albanese said. “The arrangement facilitates Australian uranium exports to India to help increase the share of non-fossil fuel power capacity, providing an additional market for the Australian resources sector.”A stable supply of uranium will help India achieve its goal of 100 gigawatts of nuclear capacity by 2047 and meet energy needs as it builds data centres, steps up manufacturing and switches to electric vehicles, ensuring that it attains developed country status in two decades.Australia also agreed to maintain a stable, secure and reliable supply of energy products, such as coal, diesel, other liquid fuels and natural gas as India diversifies sources to help avoid supply squeezes such as the one that ensued after conflict broke out in West Asia.“Our cooperation in critical minerals is vital to our strategic security and clean energy transition,” Modi said. “With this in mind, today we have launched the Australia-India Partnership on cyber, critical technologies, and supply chains.” He said both sides will work together on a critical minerals corridor.PM Modi stressed the importance of a free and stable Indo-Pacific, referring to the growing engagement in defence.
“The Indo-Pacific is not just the confluence of two oceans. It also symbolises the shared aspirations of like-minded democracies like India and Australia,” he said. “Today, we have issued an important joint declaration to enhance cooperation in defence and security. Through the India-Australia Defence Innovation Corridor, we will work to connect defence startups and industries.”According to the joint declaration on defence and security, the two sides will consult on defence-related developments in the Indo-Pacific that affect shared interests, increase the complexity of defence exercises, accelerate efforts to build interoperability and information sharing, expand aircraft deployments from each other’s territories, and deepen connections between defence force personnel.The two sides decided to strengthen maritime cooperation through the India-Australia Maritime Security Collaboration Road map. They will encourage integration, industry engagement, and building supply chain resilience. They will also deepen collaboration between the defence innovation ecosystems and develop arrangements for advanced defence science and technology collaboration.Modi said the India-Australia Maritime Security Collaboration Road map would give a fresh impetus to shared efforts in the Indo-Pacific. “We will also move forward together in shipbuilding, ship repair, and maintenance,” he said.The two countries also furthered their counter-terror partnership.India and Australia recognised that terrorism posed a serious challenge “not just to any one country, but to all of humanity.
The BriefWire