Click to play videoNew Delhi: US President George W Bush on Monday signed the enabling US legislation on the Indo-US nuclear deal into a law 18 months after it was first agreed to between President Bush and Prime Minister Manmohan Singh. Aimed at cementing closer ties, the new Act is described as a major step towards allowing New Delhi to buy US nuclear reactors and fuel for the first time in 30 years.
President Bush described the nuclear deal as an important deal for the world. In a short speech, Bush praised his Secretary of State Condoleeza Rice, who spearheaded the US initiative on the deal, and the Indian American community, saying the American people see India as a friend.
Bush also hailed India's bid for nuclear power, saying "it is the cleanest source of power in the world today."
The US President said the deal is also in the interest of the US as "it will open newer markets for our businesses. And it is in our interest that the Indian economy should continue to grow," he said.
The enabling bill on the Indo-US nuclear deal was approved overwhelmingly by Congress on December 9. But three other approvals -- by the 45-nation Nuclear Suppliers Group, the International Atomic Energy Agency and the US Congress -- are still needed before American nuclear transfers to India can take place.
Several Congressmen and members of the Indian-American community attended the brief signing ceremony at the White House along with Secretary of State Condoleezza Rice.
The legislation is formally called the Henry J Hyde United States- India Peaceful Atomic Energy Cooperation Act of 2006, named after the outgoing Republican chairman of the House foreign relations committee Henry Hyde. The Republican Congressman retired this month after a long spell in the House.
The agreement now has to seek the approval of the 45-nation Nuclear Suppliers Group (NSG) - an international organisation that sets guidelines for nuclear exports - and faces another Congressional vote on its technical implementation before it becomes a reality.
It would allow the US to share civilian nuclear technology with India and, in return, New Delhi would separate its civilian and strategic nuclear facilities and accept international inspection in its civilian facilities.
According to the US Chamber of Commerce, the agreement could provide the US business community with $100 billion worth of new opportunities in India in the energy sector alone, and open the country's markets to investment in technology, telecom and financial services.
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