India and Canada on Monday signed a landmark uranium cooperation agreement and decided to finalize a comprehensive economic partnership agreement soon after talks between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney, news agency PTI reported.
After the Modi-Carney v. bilateral talks Hyderabad House in the nation’s capital, the two sides signed several agreements, including one on cooperation in the critical minerals sector.
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“In the civil nuclear sector, we have concluded a landmark agreement on long-term supply of uranium. We will also cooperate on small modular reactors and advanced reactors,” he said.
1- Canada will supply uranium
According to the agreement, Canada will supply Uranium to India. The two sides also confirmed the conditions for a comprehensive economic partnership agreement.
“India and Canada firmly believe in democratic values. We celebrate diversity. The welfare of humanity is our common vision. It is this vision that inspires us to move forward in every field,” Modi said.
2- Energy partnership
Carney said they agreed to launch a “strategic energy partnership with significant potential,” including a CAD 2.6 billion ($1.9 billion) uranium supply deal that “supports India’s nuclear ambitions.”
Carney added that Canada is “well positioned to contribute as a reliable supplier” of liquefied natural gas (LNG) from its west coast.
“As India seeks access to critical minerals for its manufacturing, clean technology and nuclear power plants, Canada’s raw materials base and global leaders position it as a strategic partner,” he said.
3- Defense and maritime domain awareness
PM Modi said India and Canada will also work to strengthen defense industry and maritime awareness. The two sides also discussed ways to strengthen cooperation in the fight against terrorism.
“We agree that terrorism, extremism and radicalization are common and serious challenges not only for the two countries but for the entire humanity,” Modi said. “Our close cooperation against them is extremely important for global peace and stability,” he said.
4-50 billion USD in bilateral trade
The two countries agreed last year to resume negotiations on a proposed free trade agreement, the Comprehensive Economic Partnership Agreement. “Our target is to reach $50 billion in bilateral trade,” Modi said.
“That’s why we decided to complete the comprehensive economic partnership soon,” he added, adding that it “will open up new opportunities for investment and job creation in both countries.”
5- More Indo-Canadian engagements
In his remarks, Carney welcomed the “broadening” of relations with India following meetings with Prime Minister Narendra Modi in New Delhi.
“There has been more engagement between the Canadian and Indian governments in the last year than in more than two decades combined,” Carney said in New Delhiin a speech alongside Modi.
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“This is not just that relationship renewal. It is an extension of a valuable partnership with new ambition, focus and foresight, a partnership between two confident countries that is charting our own course for the future.”
Carney arrived in India on Friday for a visit he hoped would restore ties and dual trade and repair the damage caused by his country’s strained relationship with the United States. Carney’s visit is a key step forward in relations that effectively collapsed in 2023 after Ottawa accused Delhi of orchestrating a deadly campaign against Sikh activists in Canada.
In the civil nuclear energy sector, we concluded a landmark agreement on long-term uranium supplies.
Before Carney took office last year, Ottawa accused the Modi government of direct involvement in the 2023 killing of Hardeep Singh Nijjar, a naturalized Canadian citizen who was part of a fringe group advocating an independent Sikh state called Khalistan. India has denied all these allegations.
