International Energy Agency to start full membership talks with India. The announcement was made in a joint communique following the International Energy Agency's 2024 ministerial meeting and 50th Anniversary events. India joined the International Energy Agency as an associate member in 2017 and sent a formal request to full membership last year. In 2021, India signed a strategic partnership agreement with the International Energy Agency to strengthen cooperation in global energy security, stability and sustainability.
International Energy agency
Before we proceed, let's first understand about International Energy Agency. International Energy Agency was established in 1974, in the wake of the 1973-74 oil crisis and its headquarter is in Paris. Its objective is to help its members respond to major oil supply disruptions. It has has 31 members and 8 associate members and its function is to facilitate comprehensive energy security, technical cooperation, and research. IEA mainly publishes two reports, these are - World Energy Outlook Report and World Energy Investment Report.
> Criteria for International Energy Agency Membership
In order to apply for the membership a country must be a member of the organization for economic cooperation and development. A country must have crude oil and or product reserves, equivalent to 90 days of the previous year's net Imports. India has strategic oil reserves of 9.5 days of its needs and combined with storage at refineries and Depots, it is equal to the 66 day requirement. There must be a demand restraint program to reduce National oil consumption by up to 10%. Moreover, there must be a legislation and measures to ensure that all oil companies under its jurisdiction report information upon request. The final decision on a country's membership will be made by the international energy agency governing board.
> Significane of India's Membership in International Energy Agency
India's IEA membership holds great significance as India's strategic importance will be recognized in tackling Global energy and climate challenges and also it holds important significance for energy security as India is the world's third largest energy consumer.
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