New Delhi, March 02: India and Canada took a significant leap in bilateral relations on Monday by signing a landmark $2.6 billion uranium supply agreement during talks between Narendra Modi and Mark Carney at Hyderabad House.
The deal secures a long-term supply of fuel for India’s civil nuclear energy programme and strengthens cooperation in clean, reliable energy. Both countries agreed to jointly explore emerging nuclear technologies, including small modular reactors and advanced nuclear reactors.
In parallel, the two nations committed to expediting negotiations on a Comprehensive Economic Partnership Agreement (CEPA), targeting completion by the end of 2026. PM Modi highlighted that the trade pact aims to boost bilateral trade to $50 billion by 2030, unlocking investment and job opportunities in both economies.
Several MoUs were exchanged, covering critical minerals, renewable energy promotion, and cultural exchanges. Terms of reference for CEPA and a framework to strengthen critical mineral supply chains were also finalised, underpinning long-term strategic and economic cooperation.
PM Modi emphasized the shared democratic values and innovation-driven synergies between India and Canada, noting growing collaboration in artificial intelligence, quantum computing, supercomputing, semiconductors, and climate action. Canada’s commitment to join the International Solar Alliance and the Global Biofuel Alliance was welcomed as a step toward sustainable energy collaboration.
This agreement reinforces the trajectory of India-Canada relations toward deeper economic, technological, and energy-sector engagement.
