India has reached an agreement with Australia for uranium supplies during Prime Minister Narendra Modi’s current visit to the country. The deal aims to increase nuclear power capacity to meet rising energy needs in the world’s most populous nation. Modi stated after discussions with Australian Prime Minister Anthony Albanese that an important nuclear energy agreement had been signed. He noted it would enable uranium deliveries from Australia and advance clean energy goals. A joint statement from both countries specifies that the exports are intended solely for peaceful uses. Albanese said the arrangement would help raise the share of non-fossil fuel power and open an additional market for Australian resources. Australia holds about 28 percent of global uranium reserves, though earlier political and legal issues had delayed exports to India. New Delhi seeks the imports to reach its goal of 100 gigawatts of nuclear capacity by 2047, while Canberra aims to broaden trade beyond its largest partner, China. A nuclear cooperation agreement was concluded in 2014, yet uranium shipments remained restricted due to concerns over peaceful applications. Modi highlighted historic opportunities for cooperation in multiple sectors and said Australian technology, capital and resources could speed India’s energy shift. He also mentioned potential work on low-carbon aluminium projects and invited long-term investment in infrastructure. The joint statement on energy security expressed shared concern about developments in the Middle East and their effects on regional supply chains and prices. Both sides reaffirmed support for open markets and rules-based trade. They agreed to advance energy trade and investment via the India-Australia Economic Cooperation and Trade Agreement, talks on a Comprehensive Economic Cooperation Agreement, and other bilateral mechanisms. The statement also recognized Australia’s role supplying liquefied natural gas to India and India’s role providing liquid fuels and downstream products to Australia, committing both to maintain energy flows.
