New Delhi: India and Canada have signed a major USD 2.6 billion uranium supply agreement and set a deadline to complete their proposed trade pact by the end of the year. Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney announced the decisions after a bilateral summit, signalling stronger economic and energy ties between the two nations.
USD 2.6 Billion Uranium Supply Agreement
The two leaders welcomed a CAD USD 2.6 billion commercial agreement between Cameco and India’s Department of Atomic Energy for the long-term supply of uranium. The deal will support India’s civil nuclear energy programme and help meet its clean energy and long-term energy security goals.
Both sides said the agreement reflects their shared strengths as energy-producing nations. They agreed to advance the India-Canada Strategic Energy Partnership to deepen cooperation across the entire energy value chain.
Push to Finalise CEPA by Year-End
India and Canada also set a year-end target to complete negotiations for the Comprehensive Economic Partnership Agreement (CEPA). The proposed trade deal aims to strengthen economic ties and remove trade barriers.
Prime Minister Modi said both countries aim to increase bilateral trade to USD 50 billion by 2030, compared to nearly USD 9 billion in 2024-25.
Expanding Energy Trade and LNG Cooperation
The leaders discussed expanding energy trade, including oil and LNG exports from Canada to India and refined petroleum product exports from India to Canada. Canada reaffirmed plans to expand heavy oil export infrastructure and increase LNG supplies to the Indo-Pacific region.
Canada aims to produce 50 million tonnes of LNG per year by 2030 and up to 100 million tonnes by 2040. Discussions are also underway between Indian public sector oil and gas companies and Canadian firms to increase cooperation in LPG.
Both sides supported greater private investment, loans, financing, and equity investments to build commercially viable energy partnerships.
Critical Minerals and Clean Energy Focus
India and Canada signed a Memorandum of Understanding on critical minerals cooperation to build secure and diversified supply chains. The leaders agreed to collaborate on India’s mineral stockpiling initiative and support strong commercial outcomes for companies in both countries.
They also signed an MoU on Clean Energy Cooperation. This framework will promote collaboration in solar, wind, bioenergy, small hydro, energy storage, and capacity building. Canada plans to double its electricity supply by 2050 and expand renewable energy deployment.
Space, AI and Agriculture Collaboration
The two leaders discussed strengthening cooperation in space through government agencies and private sectors. They plan to explore joint initiatives to integrate artificial intelligence into space and aerospace technologies.
They also agreed to examine AI-assisted tools for distance medicine to improve healthcare access in remote regions. In addition, both sides highlighted growing opportunities in agriculture and agri-food systems to improve food security, farm productivity, and supply chain resilience.
