Australia, India strike deal on uranium exports during PM Modi’s visit

Key Points:

• Australia and India have signed a landmark agreement to export Australian uranium to India for peaceful nuclear energy purposes, aiming to boost India's clean energy capacity and meet its 2047 target of 100 gigawatts of nuclear energy.
• The uranium exports will be regulated under safeguards by the International Atomic Energy Agency to ensure the material is not used for weapons, addressing past concerns that limited Australia's uranium exports to India.
• The agreement is part of broader efforts to strengthen bilateral ties, including enhanced defense cooperation, critical minerals supply chains, and the establishment of a temporary space tracking terminal on Australia’s Cocos Keeling Islands to support Indian space projects.
• India is Australia’s fifth largest trading partner, with two-way trade valued at AUD 54.4 billion (US$37.7 billion) in the 2024-2025 financial year, and both leaders highlighted the importance of their personal engagement in deepening the relationship.
• Prime Minister Narendra Modi is on a regional visit, having recently signed deals in Indonesia and scheduled to visit New Zealand before returning to India.