Australia and India have reached an agreement to export Australian uranium, which will support the development of Indian nuclear energy. The two countries also agreed to deepen cooperation in renewable energy, critical minerals and green hydrogen production, Reuters reports, News.bg reports.
India has for years been interested in Australia's significant uranium reserves as part of its strategy to increase its nuclear power capacity to 100 gigawatts by 2047. For its part, Australia is seeking to expand its foreign trade markets and reduce its dependence on the Chinese economy.
Although the two countries signed a framework agreement for nuclear cooperation back in 2014, actual uranium exports have been limited due to the need for guarantees that the raw material will be used only for peaceful purposes.
Australian Prime Minister Anthony Albanese said the agreement would facilitate supplies of Australian uranium to India and help increase energy production from non-fossil fuels. sources.
“Australia and India are close partners and even closer friends. This agreement will provide an additional market for the Australian resource sector and support India's energy transition“, Albanese said.
Indian Prime Minister Narendra Modi has described the relationship between the two countries as an opportunity for strategic cooperation in a number of key areas. He said Australia's technological potential, capital and natural resources can significantly accelerate India's transition to cleaner energy.
Albanese added that Modi is a “living bridge“ between Australia and India and noted that his vision has contributed to the deepening of economic relations between the two countries.
India is Australia's fifth largest trading partner after China, Japan, the United States and South Korea, and the new agreement is expected to further strengthen bilateral economic and energy cooperation.