Melbourne [Australia], July 9 (ANI): India and Australia on Thursday reaffirmed their commitment to strengthening energy security and resilient energy supply chains, while expressing deep concern over the ongoing situation in West Asia and its impact on global energy markets.

In a Joint Statement on Energy Security, the two countries said they shared '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.'

Amid the ongoing disruptions, both sides reaffirmed 'our shared commitment to open markets and rules-based trade, principles that underpin our prosperity and economic security.'

Recognising the importance of trusted private-sector partnerships, India and Australia committed to advancing bilateral energy trade and investment through the India-Australia Economic Cooperation and Trade Agreement (ECTA), ongoing negotiations for a Comprehensive Economic Cooperation Agreement (CECA), and other bilateral frameworks.

The statement noted that 'Australia and India recognise the central role of trusted private sector partnerships and strategic investments to sustainable and reliable energy flows,' while also underscoring the importance of capacity-building and knowledge exchange in the energy sector.

Highlighting the complementary nature of their energy sectors, the two countries said, 'Recognising Australia's role as an important supplier of liquefied natural gas to India and India's role as an important supplier of liquid fuels and other downstream products to Australia, Australia and India commit to support the continued flow of energy products and further enhance the energy trade between our two countries.'

In a significant development, the two sides announced that they had 'finalised the administrative arrangements necessary to enable the export of Australian uranium to India for exclusively peaceful purposes and under International Atomic Energy Agency (IAEA) safeguards,' as provided under the Australia-India Nuclear Cooperation Agreement signed in 2015.

The statement said both countries were committed to strengthening energy supply chain resilience through deeper regional cooperation, accelerating the energy transition, promoting renewable energy adoption and maintaining open trade arrangements for energy products.

Australia and India also stressed the growing importance of electrification, stating that 'increasing electrification of respective energy systems will be a valuable source of energy security into the future.'

The two countries acknowledged the energy security challenges faced by Pacific Island countries and emphasised the importance of reliable energy supplies for the region's resilience and economic prosperity.

Against this backdrop, India and Australia reaffirmed their commitment to 'maintaining a stable, secure and reliable supply of energy products, such as coal, diesel, other liquid fuels and natural gas.'

They also reiterated their commitment to accelerating the energy transition and strengthening cooperation on low-carbon fuels. In this context, Australia welcomed India's Global Biofuels Alliance initiative.

Calling for broader regional cooperation, the joint statement said, 'Australia and India call on regional partners to join in ensuring global energy resource supply chains are kept open for the benefit of the security and prosperity of our peoples.' (ANI)