Australia formally signed on a $ 50 billion deal with France on Monday to form 12 state-of-the-art submarines. Australia Prime Minister Scott Morrison praised "The Great Adventure Scheme" in a program organized in Canberra and gave it a "welcome to Australia's biggest investment in peace time in a time of peace". Australia has tied up with France's Naval Group for 12 fighter submarines. It is Australia's largest defense project ever so far and it is by far the biggest contract abroad by the French ship maker Naval Group. Analysts say that it is too late now. There is a deep conflict between the United Nations, China and regional powers regarding the water sector on the north and east of Australia.