Mumbai: India and Canada are close to finalising a very important agreement that could have a strong economic impact on both countries. According to a report by The Globe and Mail, the two nations are almost ready to seal a 2.8-billion-US-dollar export deal. Under this agreement, Canada will supply uranium to India for the next ten years.
The report states that the uranium will be provided by Cameco Corp, a well-known Canadian company. This deal may also become part of a larger plan for wider nuclear cooperation between the two countries.
Talks Progress Despite No Official Confirmation
The report mentions that conversations are in the final stage. However, neither the Indian government nor the Commerce Ministry, and neither the Canadian government nor its Trade Ministry, have given any official comments yet. Reuters has also not independently confirmed the report.
This development comes shortly after Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi met during the G20 Summit in Johannesburg, South Africa. The meeting took place on Sunday, where both leaders discussed several important issues.
Trade Talks Restart After Two Years
On Sunday, the Indian government announced that India and Canada have agreed to restart negotiations for a new trade deal, known as the India-Canada Trade Deal. These talks had been stopped two years ago because of a diplomatic dispute.
A statement from the Indian Prime Minister’s Office said that both leaders have now agreed to begin discussions on a high-ambition Comprehensive Economic Partnership Agreement (CEPA). The goal of this agreement is to increase bilateral trade to 50 billion US dollars by the year 2030.
A New Beginning for India-Canada Relations
News about the uranium deal and the renewed CEPA talks is being seen as a fresh start for India-Canada relations. If this deal becomes official, it could greatly strengthen the economic and strategic ties between the two nations in the coming years.
