Australia and India reached an agreement on Thursday for the export of Australian uranium to India for use in its nuclear energy industry, while also committing to deepen cooperation in renewable energy, critical minerals and green hydrogen.
Key Details of the Agreement
India has long sought access to Australia’s uranium reserves to help achieve its target of 100 gigawatts of nuclear energy capacity by 2047. Australia, meanwhile, is seeking to diversify its trade beyond its dependence on China, its largest trading partner.
“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,” Australian Prime Minister Anthony Albanese told reporters in Melbourne after finalising the agreement with visiting Indian Prime Minister Narendra Modi.
No Immediate Details on Volume or Value
No details were immediately released on the volume, value or timing of the uranium exports. Although the two countries signed a nuclear cooperation pact in 2014, uranium exports have remained limited because of concerns that the material could be diverted to India’s nuclear weapons programme.
The new agreement provides that the nuclear fuel will be used solely for peaceful purposes, including electricity generation.
Broader Energy and Infrastructure Collaboration
Modi said Australia’s technology, capital and natural resources could help accelerate India’s energy transition and also pointed to potential collaboration in low-carbon aluminium projects. Modi urged Australian businesses to make long-term investments in India’s road, port, rail and urban infrastructure projects.
“India provides a safe, stable and sustainable growth option for your funds,” he said.
India is Australia’s fifth-largest trading partner after China, Japan, the United States and South Korea.
