India-Australia sign uranium pact; boost ties in defence, critical minerals
Modi says importing uranium would help India in transition towards clean energy
Prime Minister Narendra Modi and his Australian counterpart Anthony Albanese on Thursday (July 9) sealed a key deal under which Australia will supply uranium to India, in line with New Delhi's clean energy goals.
The deal came as Modi and Albanese decided to impart new momentum in the bilateral ties between the two countries, firming up a raft of agreements to bolster cooperation in several key sectors such as civil nuclear energy, maritime security, and critical minerals.
Joint declaration
Modi held wide-ranging talks with the Australian leader a day after landing in Australia from Indonesia in the second leg of his three-nation tour that is aimed at boosting trade and defence relations.
Following the meeting, the two sides unveiled an India-Australia joint declaration on defence and security, a joint statement on energy ties and a roadmap for collaboration in cyber, critical technologies and supply chains.
Uranium pact
Announcing the pact on civil nuclear energy that will facilitate the commercial supply of uranium from Australia to India to help New Delhi's nuclear power projects, Modi said it would also help India move towards clean energy.
“Australia will supply uranium to India. We have signed an important agreement in the field of nuclear energy. It will give new momentum to our clean energy goals,” he said in the joint press conference with Albanese.
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“Today, we have reached an important agreement in the field of nuclear energy. This will open the path for uranium supply from Australia to India and give new strength to our clean energy objectives,” the PMO also posted.
Australian prime minister said the deal to export uranium was signed under the 2015 Australia-India Nuclear Cooperation Agreement.
Critical minerals, defence corridors
The two heads of state also announced a series of initiatives that would cater to the India-Australia Comprehensive Strategic Partnership. This includes the establishment of an India-Australia Critical Minerals Corridor to build a resilient supply chain and also support the clean energy transition. Modi also announced the Indian-Australian Defence Innovation Corridor.
Pointing to the growing security cooperation between India and Australia, Modi said, “Indo-Pacific is not just a meeting point of two oceans, but it also represents the shared aspirations of like-minded democracies like India and Australia. To increase cooperation in the area of security, we have signed a joint declaration. With the India-Australia Defence Innovation Corridor, we will work to connect defence start-ups and industries. We will also work on ship-building, repair and maintenance.”
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The prime ministers also released a joint declaration on defence and security cooperation, a maritime security collaboration roadmap, and a new partnership in cyber security, critical technologies and supply chains.
Resolution on Indo-Pacific stability
Modi also said that India and Australia recognised that terrorism poses a serious challenge not just to any one country, but to all of humanity.
"Therefore, our fight against terrorism is shared, our resolve unwavering, and our cooperation continues to strengthen," he said.
"We also believe that the tensions and conflicts raging in many parts of the world can only be resolved through dialogue and diplomacy. Together, we will further strengthen peace, stability, freedom of navigation, and a rules-based order throughout the Indo-Pacific region," he said.
Invest in India pitch
Modi began his day by attending the India-Australia CEO Forum and Economic Roadmap Business Reception in Melbourne.
Later in the day, he is expected to co-chair the third India-Australia Annual Summit with Albanese and visit the Indian diaspora.
At the Australia-India CEOs Forum and the Economic Roadmap Business event, which he jointly addressed with Albanese, Modi invited Australian businesses to invest in India, assuring that the country as a long-term investment destination offers unmatched opportunities for growth and innovation.
He also called for the early conclusion of the proposed bilateral Comprehensive Economic Cooperation Agreement (CECA).
The Ministry of External Affairs (MEA) said the events were attended by leading Indian and Australian CEOs and business leaders.
In a post on X after addressing the CEOs Forum, Modi said, "Since 2023, this forum has gained remarkable momentum, reflecting the growing confidence in our economic partnership. I thank PM Anthony Albanese for joining the interaction and sharing his vision for taking our economic ties to even greater heights."
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Modi said he discussed opportunities across sectors such as aviation, transport and logistics, financial services, critical minerals, technology, food processing, food security and skilling.
Modi arrived in Australia on Wednesday on the second leg of his three-nation tour. He was in Indonesia before this and will travel to New Zealand on the final leg of his visit.