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India and Australia have finalized arrangements to unlock the sale of Australian uranium to India.

"We have signed an important agreement today on nuclear energy," Indian Prime Minister Narendra Modi said Thursday. "This will pave the way for uranium supplies from Australia to India and give our clean energy objectives fresh momentum."

The announcement came as Modi met his Australian counterpart, Anthony Albanese, in Melbourne for the third India-Australia Annual Summit. The dialogue is aimed at bolstering a comprehensive strategic partnership between the two nations, including in areas such as defense, maritime security, energy security and trade. 

"Both Prime Ministers welcomed finalization and signature of the Administrative Arrangement, which will enable long-term Australian uranium exports to India for exclusively peaceful purposes," a joint statement said, adding that the exports would come under  International Atomic Energy Agency (IAEA) safeguards.

The statement added that Australia expressed "strong support" for India's membership of the Nuclear Suppliers' Group. ALSO READ: PM Modi holds strategic talks with Indonesian president; India to supply BrahMos, Astra missiles

Energy-hungry India has long eyed Australia's uranium reserves — which account for nearly 28% of global resources — to help meet its goal of 100 gigawatts of nuclear energy capacity by 2047.

In 2014, the two countries inked a nuclear cooperation pact which entered into force the following year. However, uranium exports had been limited over concerns about ensuring that nuclear fuel is only used for peaceful purposes, such as energy generation.

"The arrangement facilitates Australian uranium exports to India, to help increase the share of non-fossil fuel power capacity," Albanese told reporters on Thursday. 

After meeting Modi, he described Australia and India as "close partners and even ?closer friends."