India and Canada Forge $2.6 Billion Uranium Supply Agreement: A New Era in Bilateral Relations
Strengthening Ties Through Energy Cooperation
New Delhi: In a significant advancement of their diplomatic relations, India and Canada have entered into a groundbreaking uranium supply agreement valued at $2.6 billion.
This pivotal agreement was formalized during discussions between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney at Hyderabad House in New Delhi.
The uranium supply will ensure a stable long-term fuel source for India's civil nuclear energy initiatives.
Both leaders emphasized that this agreement would enhance collaboration in the realm of clean and dependable energy.
They also committed to exploring new technologies, including small modular reactors and advanced nuclear reactors.
In addition to the uranium deal, the two nations agreed to expedite discussions on a Comprehensive Economic Partnership Agreement (CEPA).
Carney expressed optimism that both countries aim to finalize this trade agreement by the close of 2026. Modi highlighted the ambition to elevate bilateral trade to $50 billion by 2030, which is expected to foster increased investment and job creation in both countries.
During the visit, several Memorandums of Understanding were also established, covering areas such as cooperation in critical minerals, renewable energy promotion, and cultural exchanges.
These agreements were signed by External Affairs Minister S. Jaishankar and Canadian Foreign Affairs Minister Anita Anand, witnessed by the two prime ministers.
The leaders also agreed on the terms of reference for the Comprehensive Economic Partnership and signed an agreement to enhance collaboration in the critical minerals sector, aimed at developing robust and reliable supply chains for the future.
Prime Minister Modi commended Carney for revitalizing India-Canada relations.
He remarked, “Both nations uphold strong democratic values, embrace diversity, and are dedicated to the welfare of humanity.”
Modi further noted that the discussions were centered on transforming these shared values into a more profound and advanced partnership.
The two leaders also broadened their cooperation in renewable energy and climate initiatives. Modi welcomed Canada's decision to join the International Solar Alliance and the Global Biofuel Alliance.
On the subject of technology and innovation, Modi stated that India and Canada are natural allies, highlighting their growing collaboration in fields such as artificial intelligence, quantum technologies, supercomputing, and semiconductors.