Australia and India have signed a uranium export agreement designed to enhance energy security and deepen bilateral cooperation in clean energy, critical minerals and infrastructure development.
Under the agreement, Australia will supply uranium to support the fuel requirements of India’s nuclear energy sector, helping the country expand its clean energy capacity.
Following negotiations in Melbourne, Australian Prime Minister Anthony Albanese said the agreement is strategically important for reducing India’s dependence on fossil fuels and supporting its transition to cleaner sources of energy.
Indian Prime Minister Narendra Modi said the partnership would create new opportunities in the areas of energy transition, green hydrogen and low-carbon aluminium production, further strengthening economic cooperation between the two countries.
India has set a target of expanding its nuclear power generation capacity to 100 GW by 2047, with access to Australia’s uranium resources expected to play an important role in achieving this objective.
Although Australia and India signed a civil nuclear cooperation agreement in 2014, uranium exports had previously remained limited because of security safeguard requirements.
Separately, AustralianSuper, Australia’s largest pension fund, announced an additional investment of AUD 500 million (USD 347 million) in India’s National Investment and Infrastructure Fund (NIIF), reflecting growing economic ties between the two countries.
India is currently Australia’s fifth-largest trading partner, and Canberra is seeking to diversify its international trade relationships while reducing its economic dependence on China through strategic partnerships such as this agreement.