India, Canada sign $2.6 bn uranium deal

India and Canada on March 2 signed a landmark $2.6 billion uranium supply agreement, marking a significant step forward in bilateral relations and clean energy cooperation.

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

Long-Term Fuel Security for Nuclear Energy

The uranium supply deal will ensure a long-term and reliable fuel source for India’s civil nuclear energy programme. Both leaders underscored that the agreement would strengthen cooperation in clean and dependable energy, contributing to global climate goals.

The two sides also agreed to collaborate on emerging nuclear technologies, including small modular reactors (SMRs) and advanced nuclear reactors, aimed at enhancing efficiency and sustainability in power generation.

CEPA Talks to Be Fast-Tracked

In addition to the uranium pact, India and Canada decided to accelerate negotiations on the Comprehensive Economic Partnership Agreement (CEPA). Prime Minister Carney said both countries are targeting the finalisation of the trade agreement by the end of 2026.

Prime Minister Modi stated that India and Canada aim to raise bilateral trade to $50 billion by 2030, a move expected to generate greater investment flows and employment opportunities in both nations.

MoUs Across Key Sectors

Several Memorandums of Understanding (MoUs) were also signed during the visit. These cover cooperation in critical minerals, promotion of renewable energy, and cultural exchanges, reflecting the broadening scope of India-Canada ties.

Source: DD