Australia to sign uranium trade deal with India

Australian Prime Minister Tony Abbott has met with his Indian counterpart on a two-day state visit during which they are expected to sign a deal to allow the export of uranium to New Delhi for use in power generation.

The agreement is expected to be signed on Friday evening.

Australia, which has almost a third of the world’s known uranium reserves, imposes strict conditions on uranium exports and India’s failure to sign the Nuclear Non-proliferation Treaty (NPT) had long been a barrier to a deal.

Both countries have been negotiating a so-called nuclear safeguards agreement with verification mechanisms since 2012 when a former Australian government agreed on civil nuclear energy cooperation with India that would eventually allow the export of Australian uranium.