India inks strategic partnership agreement with IEA

India and the International Energy Agency (IEA) on Wednesday signed a framework for a strategic partnership to strengthen mutual trust and cooperation and to enhance global energy security, stability and sustainability.

This partnership will lead to an extensive exchange of knowledge and would be a stepping stone towards India becoming a full member of the Paris-based IEA, the ministry of power said in a statement.

The IEA was created in 1974 to help co-ordinate a collective response to major disruptions in the supply of oil. It is made up of 30 member countries and also includes eight association countries.

The Memorandum of Understanding was signed by Sanjiv Nandan Sahai, Secretary (Power) and Dr. Fatih Birol, IEA Executive Director.

Birol termed the signing of the agreement as a historic moment and a huge step forward for global energy governance.

"A historic moment in India-IEA relations - and a huge step forward for global energy governance! Very proud & honoured to sign the -@IEA. Strategic Partnership Framework today with Secretary @Sanjiv_Sahai & assembled dignitaries. Look forward to deepening our collaboration," he tweeted.

"The contents of the Strategic partnership will be jointly decided by the IEA Members and India, including a phased increase in benefits and responsibilities for India as an IEA Strategic partner, and building on existing areas of work within Association and the Clean Energy Transitions Programme (CETP), such as Energy Security, Clean & Sustainable Energy, Energy Efficiency, Enhancing petroleum storage capacity in India, Expansion of gas-based economy in India etc," the power ministry statement further read.

The IEA Secretariat will be responsible for implementation of the cooperative activities in India and for facilitating discussion between the IEA Members and India to further develop the Strategic Partnership.

The Government of India, the power ministry said, endeavours to take necessary steps to encourage and promote strategic and technical co-operation in the energy sector in the identified areas noted above, through the Framework Agreement.

( With inputs from ANI )