India, Australia In Uranium Trade Talks

Reuters reported the Australian and Indian prime ministers held talks on Wednesday that potentially will pave the way for Australia to sale uranium, after Canberra lifted an export ban.

As quoted in the market news:

Australian Prime Minister Julia Gillard met Indian counterpart Manmohan Singh in New Delhi on her first official visit to the country. The talks set the stage for negotiations to begin on a set of safeguards needed before uranium trade can start. Both sides played down the prospect of a quick deal.

India needs the uranium for its expanding civil nuclear power programme. The world’s most populous democracy, which also has nuclear weapons, suffers chronic electricity shortages that hobble its economic growth, raise business costs and leave hundreds of millions of its people without daily power.

Click here to read the full Reuters report.