India and Mongolia signed a crucial civil nuclear agreement for supply of Uranium to New Delhi. It was signed following summit level talks between the visiting Mongolian President Tsakhiagiin Elbegdorj and Prime Minister Dr. Manmohan Singh in New Delhi. India also extended a 25 million US dollar stabilisation fund to mitigate the global financial crisis affecting Ulanbattar. Another agreements signed included cooperation in the fields of health, cultural exchange and statistical affairs. In a joint media interaction following the signing of agreements, Dr. Manmohan Singh said both the leaders have agreed on deeper cooperation in the field of mining and agriculture.
Dr. Singh said they have already agreed on bilateral investment protection and ways to avoid double taxation. The visiting dignitary President Elbegdorj said that Mangolia is grateful to India for providing stabilisation funds for the recovery of its staggering economy. AIR correspondent understands, Mongolia’s huge uranium reserves could boost and energize the country’s starving civil nuclear fuel cycle. Mongolia is the sixth nation with which India has signed the civil nuclear agreement after getting a waiver from the Nuclear Suppliers Group in September last year.
Similar agreements have already been inked with America, Russia, France, Kazakhstan and Namibia. Mongolia's decision to supply uranium to India assumes greater significance in the wake of Australia’s reluctance to do so. Under the Agreement, the two sides will trade uranium and exchange expertise in designing of atomic plants and train personnel. Mongolia recently signed an inter-governmental agreement with Russia to establish a joint venture to develop, produce and process Uranium. It has also signed uranium-linked cooperation with China.
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