India, Canada Sign $2.6 Billion Uranium Deal
Canada and India plan to finalize a free trade agreement by the end of this year, according to Canadian Prime Minister Mark Carney, as both nations work to enhance economic connections following two years of a difficult relationship.
Following discussions with Carney, Indian Prime Minister Narendra Modi stated on Monday that both countries would soon conclude a “comprehensive economic partnership,” anticipated to boost bilateral trade to $50bn by 2030, up from nearly $9 billion in 2024-25.
India and Canada initiated discussions on a long-awaited trade agreement last year. Carney mentioned that both parties were striving to finalize the agreement by year’s end.
“This is not just the revival of a connection.” “It represents the growth of a cherished partnership with fresh ambition, determination, and vision,” he remarked during his initial official visit to New Delhi.
Both parties also reached an agreement on a $2.6 billion uranium transaction and will collaborate on constructing small modular nuclear reactors and advanced reactors.
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“In civilian nuclear energy, we have finalized a historic agreement for the extended provision of uranium,” Modi stated.
The Indian government and Cameco of Canada have finalized a uranium supply agreement to bolster India’s nuclear goals and to strive for a clean, dependable base load power, Carney noted.
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Modi stated that the two nations would collaborate to bolster defense industries and improve maritime domain awareness.
Carney’s four-day trip to India marks a significant advancement in relations that nearly disintegrated in 2023 after Ottawa alleged the Modi administration was behind a lethal campaign targeting suspected Sikh separatist activists in Canada, claims New Delhi dismissed as “absurd”.
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Carney stated in a speech with Modi that there has been greater interaction between the Canadian and Indian governments in the past year than in the previous two decades combined.