The announcement came in a joint statement issued after Prime Minister Narendra Modi’s talks with his Australian counterpart, where both sides also agreed to support the uninterrupted flow of energy products, expand cooperation across the energy value chain and work towards building supply chains for emerging technical industries.
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The two countries said they would advance bilateral energy trade and investment through the existing Economic Cooperation and Trade Agreement (ECTA), ongoing negotiations for a Comprehensive Economic Cooperation Agreement (CECA) and other bilateral mechanisms.
Uranium exports move ahead under nuclear pact
Australia and India said 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 for under the Australia-India Nuclear Cooperation Agreement (2015).”
The two governments also pledged to strengthen energy supply chain resilience by deepening regional cooperation, accelerating the energy transition, promoting renewable energy adoption and maintaining open trade arrangements for energy and liquid fuels.
Recognising Australia’s role as a key supplier of liquefied natural gas to India and India’s position as an important supplier of liquid fuels and downstream petroleum products to Australia, the two countries committed to “support the continued flow of energy products and further enhance the energy trade between our two countries.”
They also reaffirmed the importance of encouraging investment opportunities across the energy value chain and said trusted private-sector partnerships and strategic investments would remain central to ensuring sustainable and reliable energy flows.
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Focus on resilient trade, Indo-Pacific supply chains
The joint statement said India and Australia shared concerns over the impact of the Middle East situation on energy markets, commodity prices and global supply chains, reaffirming their commitment to “open markets and rules-based trade, principles that underpin our prosperity and economic security.”
Both countries agreed to work together on resilient supply chains supporting growing technical industries while strengthening regional cooperation on energy security and clean energy.
They also called on regional partners to keep global energy resource supply chains open and reaffirmed their commitment to maintaining a stable, secure and reliable supply of coal, diesel, natural gas and other liquid fuels, alongside greater collaboration on low-carbon fuels. In this context, Australia noted India’s Global Biofuels Alliance initiative.
Beyond the economic agenda, India and Australia agreed to enhance maritime cooperation through a Maritime Security Collaboration Roadmap, deepen defence cooperation and strategic dialogue, and expand cooperation with the United States and Japan “to build capability and cooperation towards a positive vision for an open, stable, peaceful and prosperous Indo-Pacific region.”