The US Department of Energy announced on Wednesday the signing of a peaceful nuclear cooperation agreement between the United States and Saudi Arabia, along with a bilateral nuclear safeguards agreement, establishing a multi-decade partnership valued at billions of dollars in the civilian nuclear energy sector.

The agreement was signed by US Energy Secretary Chris Wright and Saudi Energy Minister Prince Abdulaziz bin Salman.

Known as the '123 Agreement,' it establishes the legal foundation for civilian nuclear cooperation between the two countries, while the accompanying safeguards agreement aims to strengthen nuclear safety, security, and nonproliferation standards.

The US Department of Energy said the agreement opens the door for US companies to participate broadly in Saudi Arabia's nuclear program, supporting American industry, workers, and supply chains, while helping meet the kingdom's energy needs.

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It added that the agreement enhances the security of the United States and the region, supports US competitiveness in civilian nuclear technology, expands exports, creates high-wage jobs, and achieves long-term economic growth.

Wright said the two agreements reflect the commitment of both countries to strengthening trade relations, achieving economic prosperity, and security for allies, affirming their commitment to the highest standards of nuclear safety and nonproliferation.

According to the ministry, the partnership strengthens US national security and energy security, solidifies global standards for nuclear nonproliferation, and deepens strategic relations between Washington and Riyadh.

The agreement is expected to be submitted to the US Congress for review, in accordance with procedures outlined in the Atomic Energy Act.