India and Australia have formalized the arrangements needed to enable Australian uranium exports to India for peaceful purposes, according to a joint statement on energy security published Thursday.
The uranium exports will be made under International Atomic Energy Agency safeguards as per the 2015 Australia-India Nuclear Cooperation Agreement.
The two countries committed to maintain and further enhance energy trade, recognizing Australia's role as a key liquefied natural gas supplier to India and India's role as a major provider of liquid fuels and other refined products to Australia.
India and Australia emphasized the importance of private sector partnerships and strategic investment for reliable energy supplies and committed to expand bilateral energy trade under relevant bilateral agreements, the statement said.
They acknowledged the importance of increasing electrification of respective energy systems as a valuable energy security source.
The countries reaffirmed their commitment to ensure stable supplies of coal, diesel and natural gas to strengthen energy security, while accelerating the energy transition and expanding cooperation on low-carbon fuels.
"Australia and India share deep concern over the situation in the Middle East and its consequences for our region, including the prolonged impact of disruptions on energy, resources and other important commodities' supply chains and prices," the statement said.
"Amid this disruption, we reaffirm our shared commitment to open markets and rules-based trade, principles that underpin our prosperity and economic security."