New Delhi/Melbourne, 09 July (H.S.): India and Australia, in their joint statement, reaffirmed their commitment to strengthening cooperation in energy security, resilient supply chains, and the clean energy sector. Both countries also expressed concern over the situation in West Asia and its impact on the supply chains and prices of energy, critical resources, and other essential commodities.

According to the Prime Minister's Office (PMO), the joint statement said that India and Australia are Comprehensive Strategic Partners committed to a shared vision of a free, open, inclusive, and prosperous Indo-Pacific. The two nations reiterated their commitment to open markets and a rules-based trading system, describing it as the foundation of economic prosperity and regional security.

Both countries acknowledged the critical role of private sector participation and strategic investment in the energy sector. They also agreed to enhance energy trade and investment cooperation through the India-Australia Economic Cooperation and Trade Agreement (ECTA), the ongoing negotiations on the Comprehensive Economic Cooperation Agreement (CECA), and other bilateral mechanisms.

The joint statement described Australia as a significant supplier of liquefied natural gas (LNG) to India, while recognising India as a major supplier of liquid fuels and other downstream petroleum products to Australia. Both sides reaffirmed their commitment to ensuring the uninterrupted flow of energy products and to further expanding bilateral energy trade.

The two countries also emphasised the need to encourage investment across the energy value chain. In addition, Australia and India announced the finalisation of administrative arrangements under the 2015 India-Australia Civil Nuclear Cooperation Agreement to facilitate the export of Australian uranium to India exclusively for peaceful purposes under the safeguards of the International Atomic Energy Agency (IAEA).

The joint statement further highlighted the importance of strengthening energy supply chains, enhancing regional cooperation, accelerating the energy transition, promoting the adoption of renewable energy, and maintaining an open trading system for energy products and liquid fuels. Both countries acknowledged that the growing electrification of energy systems will become a key pillar of future energy security.

India and Australia also recognised the energy security challenges faced by Pacific Island countries and underscored the importance of reliable energy supplies for their economic prosperity and resilience.

According to the PMO, the two countries reaffirmed their commitment to working together to ensure stable, secure, and reliable supplies of energy products, including coal, diesel, other liquid fuels, and natural gas. They also agreed to deepen cooperation in the fields of low-carbon fuels and energy transition. In this context, Australia acknowledged India's Global Biofuels Alliance initiative.

The two nations also called upon regional partners to join efforts to keep global energy supply chains open and uninterrupted, with the objective of ensuring regional security, stability, and long-term prosperity.

Hindusthan Samachar / Jun Sarkar