India, Australia strengthen energy ties, finalise Australian uranium exports amid West Asia tensions

Melbourne: India and Australia have reaffirmed their commitment to strengthening energy security and building resilient energy supply chains, while voicing concern over the impact of the ongoing conflict in West Asia on global energy markets.

In a joint statement on energy security issued on Thursday, the two countries expressed "deep concern" over the situation in the Middle East, warning that prolonged disruptions were affecting the supply and prices of energy, resources and other key commodities.

Against the backdrop of continued geopolitical uncertainty, India and Australia reiterated their support for open markets and rules-based trade, describing them as essential to economic prosperity and long-term energy security.

The two sides also pledged to deepen 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 mechanisms.

Highlighting the importance of private-sector collaboration, the statement said both countries recognised the role of trusted partnerships and strategic investments in ensuring sustainable and reliable energy flows. They also committed to expanding capacity-building initiatives and knowledge-sharing in the energy sector.

The statement underscored the complementary strengths of the two economies, noting Australia's role as a key supplier of liquefied natural gas (LNG) to India and India's position as an important exporter of liquid fuels and other downstream petroleum products to Australia. Both countries pledged to support uninterrupted energy trade and further strengthen bilateral cooperation in the sector.

In a significant step, India and Australia announced that they had finalised the administrative arrangements required to enable the export of Australian uranium to India for exclusively peaceful purposes under safeguards monitored by the International Atomic Energy Agency (IAEA). The move is in line with the Australia–India Nuclear Cooperation Agreement signed in 2015.

The two countries also reaffirmed their commitment to improving the resilience of regional energy supply chains by promoting renewable energy, accelerating the energy transition and maintaining open trade in energy products.

Recognising the growing role of electrification in enhancing energy security, the statement said expanding the electrification of energy systems would be critical to meeting future energy needs.

India and Australia also acknowledged the energy security challenges faced by Pacific Island nations, stressing that reliable and affordable energy supplies are essential for the region's resilience and economic development.

As part of their broader cooperation, both countries reiterated their commitment to ensuring a stable and secure supply of key energy resources, including coal, diesel, natural gas and other liquid fuels. They also pledged to strengthen collaboration on low-carbon fuels, with Australia welcoming India's Global Biofuels Alliance initiative.

(ANI)