The United States of America and Singapore have shook hands on a Civil Nuclear Cooperation Pact, which is generally known as the “123 Agreement.”
USA’s 123 Agreement
Section 123 of the U.S. Atomic Energy Act of 1954, provides the framework for peaceful nuclear cooperation between global countries. This pact allows the USA to export nuclear technology and materials to Singapore under stringent regulations, ensuring that these resources are used exclusively for non-military purposes.
For Singapore, a nation majorly invested in securing its future in energy and reducing carbon emissions, this agreement provides access to advanced nuclear technology and expertise. It enables the two economies to explore nuclear energy as a profound and sustainable option for its growing energy demands while adhering to the highest grounds of nuclear security and global peace.
Strengthening Bilateral Ties
The signing of the 123 Agreement is more than a formalization of nuclear cooperation; it represents a deepening of the strategic partnership between America and Singapore. Both countries have long shared a mutual interest in promoting regional stability and economic growth. This agreement is expected to strengthen their collective efforts in areas such as technological advancement, global security, and green energy. The pact was signed by the diplomats of both the countries that are US State Sec. Antony Blinken and Singapore’s Vivian Balakrishnan during Antony’s visit to the bilateral state recently.
The agreement will come into force by the end of this year after thorough review of the US Congreess, says the statement. For the USA, the pact opens up opportunities for American companies to participate in Singapore’s nuclear energy sector. The US has 22 members states as a part if this agreement including India in the year 2008. This not only adds up in the gigantic checks and balances of the U.S. economy but also supports its strategic interests in the Indo-Pacific region, where nuclear technology plays a crucial role in energy security and environmental sustainability. The agreement will extend for a period of 30 years, reported the sources.
As the USA and Singapore embark the new bilateral contract of nuclear cooperation, the 123 Agreement is poised to drive progress in both countries’ energy strategies and technological advancements. It opens the door to future collaborations and innovations that will not only benefit the two nations but also contribute to global efforts in sustainable energy and security.
