India, Canada seal $2.6 billion uranium deal: In a historic move, Prime Minister Narendra Modi and his Canadian counterpart Mark Carney have signed a landmark pact and both nations aim to conclude a free trade agreement by the end of this year.
India and Canada ink $2.6 billion uranium deal
India and Canada today, March 2, sealed a landmark $2.6 billion uranium supply agreement. Both countries also agreed to finalise negotiations on a Comprehensive Economic Partnership Agreement (CEPA) following bilateral talks between Modi and Carney at Hyderabad House in New Delhi.
Uranium deal to fuel supply for India’s civil nuclear energy prog
The uranium deal is aimed at ensuring long-term fuel supply for India’s civil nuclear energy programme. Carney said both the countries are targeting conclusion of the broader CEPA trade pact by the end of 2026.
$50 billion target in bilateral trade
The two countries agreed last year to resume negotiations on the proposed free trade deal, the Comprehensive Economic Partnership Agreement. “Our target is to reach $50 billion in bilateral trade,” Modi said.
“This is why we have decided to finalise a comprehensive economic partnership soon,” he added, saying it “will open new opportunities to invest and create jobs in both countries.”
What Modi said
Following the talks, PM Modi said in a joint statement, “We have reached a landmark deal for long-term uranium supply. We will also work together on small modular reactors and advanced reactors.”
What Carney said: Key points
– India, Canada exchange documents on Cameco deal.
– Canada’s Cameco in $2.6 billion uranium deal with the Indian government.
– India, Canada sign critical minerals and energy pact.
– Canada, India aim to conclude economic pact this year.
– India and Canada to deepen space cooperation.
– India and Canada to deepen defence cooperation.
Multiple MoUs signed
The two countries also signed multiple Memorandums of Understanding (MoUs), including agreements on critical minerals cooperation, renewable energy promotion and cultural exchange. The documents were exchanged between External Affairs Minister S. Jaishankar and Canadian Foreign Affairs Minister Anita Anand in the presence of the two Prime Ministers, according to the Economic Times.
In addition, India and Canada agreed to terms of reference for the Comprehensive Economic Partnership and inked an agreement to strengthen cooperation in the critical minerals sector, aimed at building resilient supply chains, the report added.
“Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalise the Comprehensive Economic Partnership Agreement soon. This will create new investment and employment opportunities in both countries,” Modi was quoted as saying by ET.
Carney’s first official visit to India
Carney, who arrived in India on February 27 at the invitation of Modi, is on his first official visit to the country. He started his trip in Mumbai before travelling to New Delhi for delegation-level talks.
He is scheduled to depart later on Monday after concluding his engagements.
The bilateral talks focused on reviewing progress under the India-Canada Strategic Partnership across key pillars, including trade and investment, energy, critical minerals, agriculture, education, research and innovation and people-to-people ties. The two leaders also exchanged views on regional and global developments.
In addition to formal talks, Modi and Carney attended the India-Canada CEOs Forum, underlining efforts to deepen business and investment engagement.
