Saudi Arabia and the United States announced on Wednesday the signing of an agreement on cooperation in the peaceful uses of nuclear energy, strengthening bilateral cooperation in energy and advanced technologies between the two countries.

The Saudi Press Agency (SPA) reported that the governments of Saudi Arabia and the United States signed the agreement on cooperation in the peaceful uses of nuclear energy, within the framework of the strategic partnership between the two countries, building on the announcement made during Crown Prince Mohammed bin Salman's visit to Washington last November regarding the completion of negotiations on cooperation in the peaceful uses of nuclear energy, and enhancing bilateral cooperation in energy and advanced technologies.

The agreement, signed by Saudi Minister of Energy, Industry and Mineral Resources Prince Abdulaziz bin Salman and U.S. Secretary of Energy Chris Wright, aims to enhance cooperation between the two countries in the peaceful uses of nuclear energy, support the exchange of expertise, knowledge and technologies, contributing to the development of joint cooperation according to the highest international standards related to nuclear safety, security and non-proliferation, and reflecting the shared vision of the two countries to expand cooperation in energy and future technologies and support sustainable development.

The agreement represents an extension of existing cooperation between the two countries in the energy sector, supports efforts to diversify energy sources, develop advanced technologies, and enhance opportunities for cooperation and investment to achieve the common interests of the two friendly countries, according to SPA.

"123 Agreement"

Separately, the U.S. Department of Energy announced that Chris Wright and Prince Abdulaziz bin Salman signed a peaceful nuclear cooperation agreement, commonly known as a "123 Agreement," along with a bilateral agreement on nuclear safeguards, according to the department.

The U.S. Department of Energy said in a statement that "both agreements lay the legal foundation for a partnership that extends for decades, valued at billions of dollars, supporting a number of economic and strategic priorities, including nuclear non-proliferation."

It explained that "the 123 Agreement provides U.S. companies with broad opportunities to participate in the Saudi nuclear energy program, benefiting U.S. industry, workers and supply chains, and helping to meet Saudi Arabia's energy needs."

The U.S. Department of Energy noted that "both agreements enhance the security of the United States and the region by adhering to high standards of nuclear safety, security and non-proliferation, and also support U.S. competitiveness in civil nuclear energy technology."

"Agreement upholds highest nuclear safety standards"

Wright said the two agreements reflect "the shared commitment of the two countries to strengthen U.S.-Saudi trade relations, achieve prosperity at home, and security for allies abroad."

The U.S. Secretary added that the two agreements adhere to the highest standards of nuclear safety and non-proliferation, and rely on the best nuclear technology and scientists in the world, while utilizing technologies developed in the United States.

Wright considered that thanks to President Donald Trump, "the U.S. nuclear renaissance has begun," and will achieve long-term benefits for the American and Saudi peoples.

The Department of Energy stated in its release that "the agreement builds on an executive order issued by Trump on the deployment of advanced nuclear reactor technologies for national security purposes, particularly the provision related to enhancing U.S. nuclear exports under Section 123 of the Atomic Energy Act of 1954."

According to the department, the partnership aims to "expand U.S. nuclear technology exports, create high-paying jobs in the United States, support long-term economic growth, enhance U.S. energy security and national security, establish global nuclear non-proliferation standards, and deepen the strategic partnership between Washington and Riyadh."

According to the statement, the agreement is scheduled to be referred to Congress for review.