India 4th to ratify N-treaty
New Delhi, Oct. 27: India signed the convention on supplementary compensation for nuclear damage on Wednesday after the US had sought signing of the treaty governing global civil nuclear liability to pave the way for the US firms to enter the Indian civil nuclear energy market.
The US ambassador to India, Mr Timothy J. Roemer said India’s accession to the convention on supplementary compensation for nuclear damage “recognises the benefits to India, to Indian suppliers, Indian industry and to the Indian people. This helps affordable and clean electricity for the people of India.”
The convention sets out the parameters of financial liability for the operator of a nuclear reactor. It provides for compensation in case of transnational implications of a nuclear accident and has been signed by 14 countries, including India. However, only four countries — the US, Argentina, Morocco and Romania — have ratified it so far.
The convention will establish a uniform global legal regime for compensation to victims in the event of a nuclear accident. It provides for establishment of an international fund to increase the amount available to compensate victims and allows for compensating civil damage occurring within a state’s exclusive economic zone, including loss of tourism or fisheries-related income.
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