India Canada 2.6 billion USD uranium deal: PM Modi and PM Mark Carney sign a landmark nuclear fuel pact in New Delhi.
Discover how the 2026 CEPA trade agreement and 50 billion USD trade target aim to transform bilateral ties, critical minerals supply chains, and clean energy innovation.
Agartala, Mar 2: India and Canada elevated their partnership on Monday. They signed a 2.6 billion USD uranium supply agreement.
Prime Minister Narendra Modi met Canadian Prime Minister Mark Carney at Hyderabad House in New Delhi. During the talks, both leaders finalised the landmark pact.
Securing Nuclear Fuel, Expanding Clean Energy
The uranium agreement will secure long-term fuel for India’s civil nuclear energy programme.
As a result, India will strengthen its clean and reliable power generation.
Moreover, both leaders stressed the importance of dependable energy cooperation. They also agreed to collaborate on new technologies. These include small modular reactors and advanced nuclear reactors.
Thus, the deal not only ensures fuel supply but also opens doors for deeper nuclear innovation.
Trade Talks Gather Speed
In addition, India and Canada decided to fast-track negotiations on the Comprehensive Economic Partnership Agreement (CEPA).
Carney said both sides aim to finalise the trade pact by the end of 2026. Meanwhile, Modi set a bigger target.
He said both nations should raise bilateral trade to $50 billion by 2030. Consequently, this growth will attract investment and create jobs in both countries.
Focus on Critical Minerals and Renewables
During the visit, leaders signed several Memorandums of Understanding. These covered critical minerals, renewable energy, and cultural exchanges.
External Affairs Minister S. Jaishankar and Canadian Foreign Affairs Minister Anita Anand exchanged the documents in the presence of the prime ministers.
Furthermore, both sides agreed on the terms of reference for CEPA. They also signed a separate agreement to boost cooperation in the critical minerals sector. This step will help build secure and resilient supply chains for the future.
Shared Values, Stronger Partnership
Modi praised Carney for bringing fresh momentum to bilateral ties. He said both nations share democratic values and respect diversity.
He added that the talks focused on turning these shared principles into a stronger and more advanced partnership.
At the same time, both leaders expanded cooperation in renewable energy and climate action.
Modi welcomed Canada’s decision to join the International Solar Alliance and the Global Biofuel Alliance.
Finally, Modi highlighted growing collaboration in technology. He said India and Canada are natural partners in artificial intelligence, quantum technologies, supercomputing, and semiconductors. (With IANS input)