Indian Prime Minister Narendra Modi announced the agreement on Thursday after meeting Australian Prime Minister Anthony Albanese in Melbourne during the third India-Australia Annual Summit. Modi said the agreement would pave the way for uranium supplies from Australia to India and provide fresh momentum to India's clean energy objectives.
The summit focused on expanding the comprehensive strategic partnership between the two nations across key sectors, including defense, maritime security, energy security and trade.
According to a joint statement issued by both countries, the Prime Ministers welcomed the finalization and signing of the Administrative Arrangement that will allow long-term Australian uranium exports to India exclusively for peaceful purposes. The uranium supplies will be conducted under International Atomic Energy Agency safeguards.
Australia also expressed strong support for India's membership of the Nuclear Suppliers' Group, according to the statement.
Australia's uranium reserves hold significant importance for India's expanding energy requirements. Australia possesses nearly 28 percent of the world's uranium resources, and India has been seeking access to these reserves to support its target of achieving 100 gigawatts of nuclear energy capacity by 2047.
India and Australia signed a civil nuclear cooperation agreement in 2014, which came into force the following year. However, uranium exports remained limited due to concerns over ensuring that nuclear fuel would only be used for peaceful purposes, including electricity generation.
Australian Prime Minister Anthony Albanese said the new arrangement would facilitate Australian uranium exports to India and help increase the share of non-fossil fuel power capacity.
Following his meeting with Prime Minister Modi, Albanese described Australia and India as close partners and even closer friends, highlighting the growing strategic relationship between the two countries.
The agreement marks a significant advancement in India-Australia nuclear cooperation, strengthening energy security ties while supporting India's long-term transition towards cleaner sources of power.
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