US Secretary of State Condoleezza Rice and visiting Indian External
Affairs Minister Pranab Mukherjee signed the US-India Agreement for Cooperation
Concerning Peaceful Uses of Nuclear Energy yesterday.
Under the agreement, American businesses will be allowed to sell nuclear
fuel, technology and reactors to India, thus reversing a three-decade ban on
atomic trade with the fast-growing nuclear-armed Asian power.
It was believed that the deal highlights a strategic partnership between the
two countries not only in nuclear know-how but also in trade, defense
cooperation and other areas.
"This is truly a historic occasion," Rice told those gathered for the signing
ceremony in the State Department.
Mukherjee, who hailed the "important day for US-India relations," said that
"We have brought to fruition three years of extraordinary effort by both our
governments."
Mukherjee expressed belief that the India-US cooperation in the field of
civilian nuclear program will boost India's industry and rural development and
help every sector of the economic growth.
The nuclear pact could open up around US$27 billion in investment in 18 to 20
nuclear plants in India over the next 15years, according to the Confederation of
Indian Industry.
US President George W. Bush, who described the accord as the cornerstone of a
new strategic relationship with India, signed into law on Wednesday a bill
approved by Congress allowing civilian US nuclear trade with India, saying "It's
a big deal" between the two countries.
"We are natural partners as we head into the 21st century," Bush said.
The United States imposed a ban on civilian nuclear trade with India after
the latter's first nuclear test in 1974.
In July 2005, the Bush administration agreed to share civilian nuclear
technology and supply nuclear fuel to India in return for New Delhi's separating
its civilian and military nuclear programs.
The two countries reached an agreement on civil nuclear cooperation in March
2006, under which India will get access to US civil nuclear technology on
condition that India is to separate nuclear facilities for civilian and military
use and open its nuclear facilities for inspection.
Strategic, diplomatic and economic ties between India and the United States
have blossomed after New Delhi was quick to back Washington's war on terror
after the Sept. 11 attacks in 2001.