India signs an important agreement with IEA for energy security

New Delhi: – India and the International Energy Agency (IEA) signed an important strategic partnership agreement on Wednesday. This agreement becomes vital from the point of view of global energy security and stability. This is vital even from the Indian energy security perspective. It is claimed that this is another step towards India becoming a permanent member of the institution.  

india-iea-27-janIndia and IEA have signed a strategic partnership agreement. According to the agreement, cooperation will be increased between the IEA member countries and India. These countries will also be working for global energy security. There will be information exchange between these countries and India for this purpose.   

A major energy shortage had been experienced in the year 1973. India also had been severely hit because of this fuel crisis. Along with many countries, India too had been sucked into the fuel crisis. After that, the institution IEA war formed in Paris. Currently, there are 30 members in the IEA having 1.55 billion barrels of oil reserves. These countries include the United States, the United Kingdom, Mexico and Netherlands along with others. The importance of this agreement gets underlined against this background.   

India was represented by Sanjiv Nandan Sahai, the Energy Secretary, and IEA was represented by Dr Fatih Birol, the Executive Director. This will strengthen the energy cooperation between India and IEA member countries. As of today, India is not a full member of the IEA. India is functioning as an associate member of the IEA. Brazil China, Indonesia, Singapore, South Korea and some other countries have the same status as India. One more step towards India becoming a full member has been taken with the signing of this strategic agreement. Therefore, India will be able to ensure its energy security in the future.   

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