India and Australia have finalized the administrative arrangements necessary to enable the export of Australian uranium to India for exclusively peaceful purposes under International Atomic Energy Agency (IAEA) safeguards, according to a joint statement on energy security issued on Thursday.
Deep Concern Over Middle East Situation
In the joint statement, both nations expressed deep concern over the ongoing situation in West Asia and its prolonged impact on global energy markets, including disruptions to supply chains and prices of energy, resources, and other important commodities. They reaffirmed their shared commitment to open markets and rules-based trade, principles that underpin their prosperity and economic security.
Advancing Bilateral Energy Trade and Investment
Recognizing the importance of trusted private-sector partnerships, India and Australia committed to advancing bilateral energy trade and investment through the India-Australia Economic Cooperation and Trade Agreement (ECTA), ongoing negotiations for a Comprehensive Economic Cooperation Agreement (CECA), and other bilateral frameworks. The statement noted that both countries recognize the central role of trusted private sector partnerships and strategic investments in sustainable and reliable energy flows, while also underscoring the importance of capacity-building and knowledge exchange in the energy sector.
Complementary Energy Sectors
Highlighting the complementary nature of their energy sectors, the two countries said: "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."
Uranium Export Arrangements Finalized
In a significant development, the two sides announced that they had "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 under the Australia-India Nuclear Cooperation Agreement signed in 2015.
Strengthening Energy Supply Chain Resilience
The statement said both countries were committed to strengthening energy supply chain resilience through deeper regional cooperation, accelerating the energy transition, promoting renewable energy adoption, and maintaining open trade arrangements for energy products. Australia and India also stressed the growing importance of electrification, stating that "increasing electrification of respective energy systems will be a valuable source of energy security into the future."
Support for Pacific Island Countries
The two countries acknowledged the energy security challenges faced by Pacific Island countries and emphasized the importance of reliable energy supplies for the region's resilience and economic prosperity. Against this backdrop, India and Australia reaffirmed their commitment to "maintaining a stable, secure and reliable supply of energy products, such as coal, diesel, other liquid fuels and natural gas."
Energy Transition and Low-Carbon Fuels
They also reiterated their commitment to accelerating the energy transition and strengthening cooperation on low-carbon fuels. In this context, Australia welcomed India's Global Biofuels Alliance initiative. Calling for broader regional cooperation, the joint statement said: "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."
