India and Australia have agreed to strengthen energy security and supply chain. Amid concerns over the situation in West Asia, both countries will increase energy trade. This also includes the export of Australian uranium and cooperation in renewable energy.
melbourne [ऑस्ट्रेलिया]July 9 (ANI): India and Australia on Thursday reiterated their commitment to energy security and strong energy supply chains. Also expressed deep concern over the current situation in West Asia and its impact on global energy markets.
In a joint statement on energy security, the two countries said they “share deep concern over the situation in the Middle East and its consequences for our region, including the lasting impact of disruptions on supply chains and prices of energy, resources and other critical commodities.” Amid the current disruptions, both sides reaffirmed “our shared commitment to open markets and rules-based trade, which are the foundation of our prosperity and economic security.”
promote trade and investment
Recognizing the importance of credible private sector partnerships, India and Australia committed to advance 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 frameworks. “Australia and India recognize the central role of credible private sector partnerships and strategic investments for sustainable and reliable energy flows,” the statement said, while also underscoring the importance of capacity-building and knowledge exchange in the energy sector.
Both countries highlighted the complementary nature of their energy sectors. “Australia is an important supplier of Liquefied Natural Gas (LNG) to India and India is an important supplier of liquid fuels and other downstream products to Australia. Given this, Australia and India are committed to supporting the continued flow of energy products and further enhancing energy trade between our two countries,” the statement said.
Important agreement on uranium export
In a significant development, the two sides announced that they have finalized the necessary administrative arrangements to enable the export of Australian uranium to India “exclusively for peaceful purposes and under International Atomic Energy Agency (IAEA) safeguards” under the Australia-India Nuclear Cooperation Agreement signed in 2015.
Energy transition and regional cooperation
The statement said both countries are committed to strengthening energy supply chains through deeper regional cooperation, accelerating the energy transition, promoting the adoption of renewable energy and maintaining an open trade system for energy products. Australia and India also stressed the growing importance of electrification, saying that “increased electrification of related energy systems will be a valuable source of energy security in the future.”
Both countries acknowledged the energy security challenges faced by Pacific Island countries and stressed the importance of reliable energy supplies for the region’s resilience and economic prosperity. Against this backdrop, India and Australia reaffirmed their commitment to “maintain stable, secure and reliable supplies of energy products such as coal, diesel, other liquid fuels and natural gas”. They also reiterated their commitment to accelerate the energy transition and strengthen cooperation on low-carbon fuels. In this context, Australia welcomed India’s Global Biofuels Alliance initiative.
Calling for broader regional cooperation, the joint statement said, “Australia and India call on regional partners to join in ensuring that global energy resource supply chains are kept open for the benefit of the security and prosperity of our people.” (ANI)
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