India and Canada have signed a $2.6 billion uranium agreement that will ensure long-term fuel supply for India’s civilian nuclear energy program. The deal was concluded in the presence of Prime Minister Narendra Modi and his Canadian counterpart Mark Carney. Both countries will also collaborate on advanced nuclear reactors. They agreed to accelerate talks on a Comprehensive Economic Partnership Agreement and set a target of increasing bilateral trade to $50 billion by 2030.
India and Canada signed a 2.6 billion dollar uranium deal on Monday. It is being considered a milestone in the economic partnership between the two countries.
The deal between the two countries took place at Hyderabad House in the national capital in the presence of Prime Minister Narendra Modi and his Canadian counterpart Mark Carney. The uranium agreement will help India ensure a long-term supply of fuel for its civilian nuclear energy program.
Both leaders said that this agreement will strengthen cooperation in the field of clean and reliable energy. They also agreed to work together on new technologies such as small modular reactors and advanced nuclear reactors.
Along with the uranium agreement, India and Canada decided to accelerate negotiations on the Comprehensive Economic Partnership Agreement (CEPA).
Carney said that the goal of both countries is to finalize this trade agreement by the end of 2026. Prime Minister Modi stated that the aim is to increase bilateral trade to 50 billion dollars by 2030, which will create more investment and employment opportunities in both countries.
In addition, several agreements were made between the two countries to enhance cooperation in the areas of rare minerals, renewable energy, and cultural exchange.
In the presence of both Prime Ministers, documents were exchanged between Foreign Minister S. Jaishankar and Canadian Foreign Minister Anita Anand.
Prime Minister Modi praised Carney for bringing new energy to India-Canada relations.
Prime Minister Modi said, “Both countries share strong democratic values, respect diversity, and are committed to the welfare of humanity.”
Prime Minister Modi further said, “The main purpose of the discussion was to transform these shared values into a deep and advanced partnership.”
Both leaders expanded cooperation in the fields of renewable energy and climate change. Prime Minister Modi welcomed Canada’s decision to join the International Solar Alliance and the Global Bioenergy Alliance.
On the subject of technology and innovation, Prime Minister Modi said that India and Canada are natural partners. During this, he highlighted the growing cooperation in areas such as AI, quantum technology, supercomputing, and semiconductors.
