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

Australia and India have formalized a nuclear cooperation arrangement permitting the export of Australian uranium to support India's clean energy expansion. The agreement was announced following discussions between Indian Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese in Melbourne. According to the joint statement, uranium supplies will be restricted to exclusively peaceful applications and will operate under oversight mechanisms established by the International Atomic Energy Agency.

India has pursued access to Australia's uranium reserves for several years as part of its strategy to develop nuclear power capacity. Australia holds approximately 28 percent of global uranium supplies. The arrangement represents a significant shift in Australia's export strategy, as the country has historically limited uranium shipments to India due to proliferation concerns. The two nations previously entered a nuclear cooperation framework in 2014, though material transfers remained constrained until this agreement.

Beyond nuclear energy, Modi and Albanese agreed to expand defence cooperation and strengthen supply chain partnerships for critical minerals. The nations also plan to establish a temporary space tracking facility on Australia's Cocos Keeling Islands to facilitate Indian space operations. India ranks as Australia's fifth-largest trading partner, with bilateral trade in goods and services valued at 54.4 billion Australian dollars during the 2024-2025 financial year. The uranium agreement reflects broader efforts by both countries to deepen economic and strategic ties while reducing Australia's trade concentration with China.