Australian Prime Minister Anthony Albanese, US President Joe Biden, and British Prime Minister Rishi Sunak hold a news conference during the AUKUS summit on March 13, 2023, at Point Loma Naval Base in San Diego. (Photo: Reuters)

Addressing a ceremony at Point Loma naval base in San Diego on Monday, US President Joe Biden called the agreement under the 2021 AUKUS partnership part of a shared commitment to a free-and-open Indo-Pacific region with two of America's "most stalwart and capable allies."

Through the deal, the US intends to sell Australia three US Virginia class nuclear-powered submarines built by General Dynamics, in the early 2030s, with an option for Australia to buy two more if needed, a joint statement said.

It said the multi-stage project would culminate with British and Australian production and operation of a new submarine class - SSN-AUKUS - a vessel based on Britain's next-generation design that would be built in Britain and Australia and include cutting edge US technologies.