Washington, DC [US], July 23 (ANI): U.S. Secretary of Energy Chris Wright and Saudi Minister of Energy Abdulaziz bin Salman signed a peaceful nuclear cooperation agreement, commonly known as a 123 agreement, alongside an accompanying bilateral safeguards agreement, according to the U.S. Department of Energy in a statement.

'Together, these two agreements lay the legal foundation for a decades-long, multi-billion-dollar partnership that advances several priority economic and strategic objectives, including nuclear nonproliferation,' as per the statement posted on X.

The 123 agreement provides great access for American companies in the Saudi nuclear energy program, benefiting American industry, workers, and supply chains while helping to meet Saudi energy needs, the statement added.

The two agreements also advance U.S. and regional security by upholding high standards of nuclear safety, security, and nonproliferation and strengthening the United States' competitive edge in civil nuclear technology, it added.

'These agreements reflect our two nations' shared commitment to strengthening U.S.-Saudi commercial relations, delivering prosperity at home and security to our allies abroad,' said Secretary Wright. 'Rest assured, these agreements uphold the highest standards of nuclear safety and nonproliferation, while relying on the world's best nuclear technology and scientists, designed right here in the United States'

'Under President Trump's leadership, America is restoring its competitive edge in the global civil nuclear marketplace, ' it said.

This agreement builds on President Trump's Executive Order, Deploying Advanced Nuclear Reactor Technologies for National Security ,and specifically Section 8 on Promoting American Nuclear Exports, which supports an expansion of international partners for U.S. civil nuclear cooperation under Section 123 of the Atomic Energy Act of 1954, as amended, it said.

As per the statement, this partnership will: Expand American nuclear technology exports, create high-paying U.S. jobs and long-term economic growth, strengthen America's energy and national security posture, reinforce global nonproliferation standards and Deepen the strategic partnership between the United States and the Kingdom of Saudi Arabia.

The agreement will now be transmitted to Congress for review. (ANI)