Australia and India formalize uranium export deal to boost clean energy goals.

Australia and India have formalized an agreement allowing uranium exports from the former to the latter during Prime Minister Narendra Modi's visit. This deal directly supports India's goal of installing 100 gigawatts of nuclear energy capacity by 2047. Indian Prime Minister Narendra Modi described the pact as a significant step for clean energy, stating it would give fresh momentum to their objectives and secure long-term supplies from Australia for exclusively peaceful purposes.

Australian Prime Minister Anthony Albanese emphasized that the arrangement aims to increase non-fossil-fuel power capacity. The agreement operates under strict safeguards established by the International Atomic Energy Agency, the global nuclear watchdog. While India has sought access to Australia's vast reserves—which account for nearly 28 percent of the world's supply—past restrictions limited shipments due to concerns over potential weaponization. This new framework removes those specific barriers while maintaining international oversight.

Beyond energy, the leaders agreed to deepen defense cooperation and strengthen supply chains for critical minerals. The two nations also plan to construct a temporary space tracking terminal on Australia's Cocos Keeling Islands in the Indian Ocean to support India's space projects. Albanese credited Modi's personal engagement as central to strengthening ties between the countries.

Trade between the partners remains robust, with two-way goods and services reaching 54.4 billion Australian dollars during the 2024-2025 financial year, making India Australia's fifth-largest trading partner. This agreement aligns with Australia's broader strategy to diversify its trade relationships beyond reliance on China. Modi arrived in Melbourne after concluding deals in Indonesia and will depart for New Zealand on Friday before returning home.