WORLD
Uranium supply agreement sealed
‘We have signed an important agreement today on nuclear energy.’
MELBOURNE, Australia (AFP) — Indian leader Narendra Modi said he clinched a uranium supply agreement while visiting Australia on Thursday, securing a fuel source that will play a crucial role in his nation’s nuclear energy ambitions.
Faced with an almost-insatiable appetite for electricity in the world’s most populous nation, Modi has outlined plans to substantially scale-up nuclear power generation in coming years.
Australia lays claim to around 28 percent of the world’s uranium resource, but legal hurdles and political sensitivities have hindered exports to India.
“We have signed an important agreement today on nuclear energy,” Modi said after talks with his Australian counterpart Anthony Albanese.
“This will pave the way for uranium supplies from Australia to India and give our clean energy objectives fresh momentum.”
A joint statement said the arrangement allowed long-term uranium exports for “exclusively peaceful purposes.”
The exports would fall under safeguards established by the International Atomic Energy Agency.
“The arrangement facilitates Australian uranium exports to India, to help increase the share of non-fossil fuel power capacity,” Albanese told reporters.
India and Australia entered a nuclear cooperation agreement in 2015 that paved the way for uranium export.
But legal hurdles remained and trade today is largely non-existent.
Albanese sported a wide grin as the two leaders briefly paused to take a selfie photo earlier in the day.
The Australian prime minister has previously referred to Modi as “The Boss,” joking that he could pull bigger crowds than United States rock icon Bruce Springsteen.
Albanese praised Modi’s leadership on Thursday for helping foster stronger ties between the two nations.
“Prime Minister Modi, your leadership and your personal engagement with Australia has been absolutely central to this change,” Albanese said.
Australia’s Indian diaspora has grown substantially in recent years, giving Modi a sizeable fanbase in the country.
For the first time on record, the biggest group of Australian residents born overseas came from India, statistics for last year showed in June.