Pakistan, June 29 -- Australia and Vanuatu have signed a wide-ranging economic and security agreement that prohibits the establishment of any foreign military base in the Pacific island nation, marking a significant step in regional security cooperation.

The agreement, known as the Nakamal Agreement, was signed in Canberra by Australian Prime Minister Anthony Albanese and Vanuatu Prime Minister Jotham Napat. Under the deal, Australia will provide Vanuatu with financial support worth A$345 million to strengthen infrastructure, security and development projects.

Speaking after the signing ceremony, Albanese said the agreement provides certainty that no foreign military base will be established in Vanuatu while respecting the country's sov...