Australia and India Finalise Uranium Export Agreement

Australia and India have entered into a landmark agreement allowing the export of Australian uranium to India, aimed at supporting India's growing nuclear energy sector. The deal was confirmed during a meeting between Indian Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese in Melbourne.

In a statement following their discussions, Prime Minister Modi remarked, “We have signed an important agreement today on nuclear energy. This will pave the way for uranium supplies from Australia to India and give our clean energy objectives fresh momentum.”

The agreement establishes a framework for long-term uranium exports intended solely for peaceful uses. India has set an ambitious goal to generate 100 gigawatts of nuclear energy capacity by 2047, and Australian uranium is seen as a vital resource to help achieve this target. Australia possesses significant uranium reserves, amounting to approximately 28 per cent of the global supply, and is looking to diversify its trade relations beyond its primary partner, China.

As per the terms of the deal, exports will be conducted under the safeguards of the International Atomic Energy Agency, which oversees nuclear safety and security protocols. Prime Minister Albanese noted, “The arrangement facilitates Australian uranium exports to India to help increase the share of non-fossil-fuel power capacity.”

The partnership between Australia and India in nuclear cooperation dates back to a 2014 agreement; however, uranium exports had been limited due to apprehensions about potential military applications.

In addition to the uranium agreement, both leaders discussed enhancing defence collaborations and improving supply chains for critical minerals. They also expressed plans to establish a temporary space tracking terminal on Australia’s Cocos Keeling Islands, which aims to support Indian space exploration initiatives.

Prime Minister Albanese acknowledged Modi's role in strengthening bilateral relations, stating, “Prime Minister Modi, your leadership and your personal engagement with Australia has been absolutely central to this change.” Currently, India ranks as Australia’s fifth largest trading partner, with bilateral trade in goods and services valued at 54.4 billion Australian dollars (approximately US$37.7 billion) for the 2024-2025 financial year, according to Australian government reports.

Modi’s visit follows his engagement in Indonesia, where he signed various agreements concerning agriculture and defence. He is scheduled to visit New Zealand next before returning to India.