New Delhi [India], July 10 (ANI): India and Australia have reaffirmed their commitment to strengthening bilateral energy security and trade, while finalising the administrative arrangements required to enable the export of Australian uranium to India for exclusively peaceful purposes under International Atomic Energy Agency (IAEA) safeguards.

The announcement was made in a joint statement on energy security issued by the Prime Minister's Office following discussions between the two countries.

'Australia and India have 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 for under the Australia-India Nuclear Cooperation Agreement (2015),' the joint statement said.

The two countries also committed to expanding energy trade and investment, while ensuring uninterrupted supplies of key energy products amid global supply chain disruptions.

Recognising Australia's role as a major supplier of liquefied natural gas (LNG) to India and India's position as a supplier of liquid fuels and downstream petroleum products to Australia, the statement said both countries 'commit to support the continued flow of energy products and further enhance the energy trade between our two countries.'

The statement added that Australia and India would advance bilateral energy trade and investment cooperation through the India-Australia Economic Cooperation and Trade Agreement (ECTA), ongoing negotiations for a Comprehensive Economic Cooperation Agreement (CECA), and other bilateral frameworks.

The two countries also highlighted the need to strengthen energy supply chain resilience and accelerate the transition to cleaner sources of energy.

'Australia and India are committed to working together to strengthen energy supply chain resilience, including through deepening regional cooperation, accelerating the energy transition, promoting the uptake of renewable energy resources and upholding open trade arrangements for energy and liquid fuels,' the statement said.

It added that both countries reaffirmed their commitment to maintaining 'a stable, secure and reliable supply of energy products, such as coal, diesel, other liquid fuels and natural gas,' while also strengthening cooperation on low-carbon fuels. In this context, Australia noted India's Global Biofuels Alliance initiative.

The joint statement also expressed concern over the situation in the Middle East and its impact on global energy and commodity supply chains.

'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,' it said.

Reaffirming their support for open markets, the two countries said they remain committed to 'open markets and rules-based trade, principles that underpin our prosperity and economic security.'

Australia and India also called on regional partners to work together to keep global energy supply chains open and resilient for the benefit of regional economic security and prosperity. (ANI)