NewKerala.com

India, Canada Seal $2.6 Billion Uranium Deal, Target 2026 Trade Pact

India and Canada have signed a major $2.6 billion agreement for uranium supply to fuel India's civil nuclear program. The two nations also agreed to accelerate negotiations to finalise a Comprehensive Economic Partnership Agreement by the end of 2026, with a goal to increase bilateral trade to $50 billion by 2030. The visit resulted in several other MoUs covering cooperation in critical minerals, renewable energy, and cultural exchange, with both sides committing to deeper partnerships in technology and climate action. Prime Minister Modi stated the discussions focused on turning shared democratic values into an advanced and deeper bilateral partnership.

Key Points: India-Canada Sign $2.6B Uranium Deal, Aim for 2026 Trade Pact

  • Landmark $2.6 billion uranium supply deal
  • Target to finalise CEPA trade pact by 2026
  • Aim to boost bilateral trade to $50 billion by 2030
  • New cooperation on critical minerals & renewable energy
  • Partnerships in AI, quantum tech, and nuclear energy
2 min read

India, Canada sign $2.6 bn uranium deal, aim to finalise trade pact in 2026

India and Canada sign a landmark $2.6 billion uranium supply agreement and agree to finalise a comprehensive trade pact by 2026.

"Both countries share strong democratic values, respect diversity, and are committed to the well-being of humanity. - Prime Minister Narendra Modi"

New Delhi, March 2

India and Canada took a major step forward in their relationship on Monday by signing a landmark uranium supply agreement worth $2.6 billion.

The agreement was signed during talks between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney at Hyderabad House in the national capital.

The uranium deal will help India secure a long-term supply of fuel for its civil nuclear energy programme.

Both leaders said the agreement would strengthen cooperation in 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 pact, India and Canada decided to speed up negotiations on a Comprehensive Economic Partnership Agreement, also known as CEPA.

Carney said both countries are aiming to finalise this trade agreement by the end of 2026. Prime Minister Modi added that the goal is to increase bilateral trade to $50 billion by 2030, which would create more investment and job opportunities in both nations.

Several Memorandums of Understanding were also signed during the visit. These included agreements on cooperation in critical minerals, promotion of renewable energy, and cultural exchange.

The documents were exchanged by External Affairs Minister S. Jaishankar and Canadian Foreign Affairs Minister Anita Anand in the presence of the two prime ministers.

Both sides also agreed on terms of reference for the Comprehensive Economic Partnership and signed an agreement to strengthen cooperation in the critical minerals sector. This cooperation is aimed at building strong and reliable supply chains for the future.

Prime Minister Modi praised Carney for bringing new energy to India-Canada relations.

"Both countries share strong democratic values, respect diversity, and are committed to the well-being of humanity," PM Modi stated.

"The discussions focused on turning these shared values into a deeper and more advanced partnership," Prime Minister Modi mentioned.

The two leaders also expanded cooperation in renewable energy and climate action. PM Modi welcomed Canada's decision to join the International Solar Alliance and the Global Biofuel Alliance.

On technology and innovation, PM Modi said India and Canada are natural partners. The Prime Minister highlighted growing cooperation in areas such as artificial intelligence, quantum technologies, supercomputing, and semiconductors.

- IANS

Share this article:

Reader Comments

P
Priya S
$50 billion trade target by 2030 is ambitious but achievable. More jobs and investment is exactly what we need. Hoping the CEPA negotiations are smooth and benefit our MSME sector as well, not just big corporations.
R
Rohit P
Good move for energy, but let's be cautiously optimistic. Past trade pacts have sometimes hurt local industries. The government must ensure strong safeguards for our farmers and manufacturers in the final agreement. The devil is in the details.
S
Sarah B
As someone working in renewables, I'm thrilled to see cooperation on solar alliance and biofuels. Climate action needs global partnerships. Small modular reactors sound like an interesting tech to explore together.
V
Vikram M
Finally some positive news on the diplomatic front! After the tensions last year, it's good to see both countries focusing on mutual economic benefits. Strong supply chains in critical minerals are key for our 'Make in India' and tech ambitions.
K
Kavya N
Hope the cultural exchange MoUs mean more opportunities for Indian students and professionals in Canada, and vice-versa. The people-to-people ties are the real foundation of this relationship. 🤞

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50