India-US complete civil nuclear agreement, 123 agreement finalized

This joint statement announces that the United States and India have completed negotiations on a bilateral agreement for peaceful nuclear cooperation, known as the '123 agreement.' The agreement is designed to govern civil nuclear trade and allow American and Indian firms to participate in each other's civil nuclear energy sectors.

Who it concerns: The agreement involves the United States and India, specifically affecting American and Indian firms in the civil nuclear energy sector. It also involves the International Atomic Energy Agency (IAEA) and the Nuclear Suppliers Group (NSG).

What was agreed

• Completion of negotiations on the bilateral agreement for peaceful nuclear cooperation ('123 agreement').
• Agreement to govern civil nuclear trade between the two countries.
• Opening of the civil nuclear energy sector for participation by American and Indian firms.
• Next steps include India negotiating a safeguards agreement with the IAEA.
• Next steps include securing support for nuclear trade with India from the 45-member Nuclear Suppliers Group.
• Following the above steps, President Bush will submit the agreement text to the U.S. Congress for final approval.

Also in the document

• The agreement is described as a historic milestone in the strategic partnership between the two countries.
• The initiative was first announced by the leaders on July 18, 2005, and reaffirmed on March 2, 2006.
• The statement cites enhanced energy security, environmentally-friendly energy, economic opportunities, and robust nonproliferation efforts as benefits.