India and Canada sign landmark Uranium deal, eye $50 billion trade target

New Delhi (The Uttam Hindu) : India and Canada on Monday signed a $2.6 billion uranium deal, which is being considered a milestone in the economic partnership between the two countries.

The deal between the two countries was signed at Hyderabad House in the national capital in the presence of Prime Minister Narendra Modi and his Canadian counterpart Mark Carney. The uranium agreement will help India secure long-term supplies of fuel for its civilian nuclear energy program. The two leaders said the agreement will strengthen cooperation in the field of clean and reliable energy.

They also agreed to work together on new technologies such as small modular reactors and advanced nuclear reactors. Along with the uranium agreement, India and Canada decided to accelerate negotiations on the Comprehensive Economic Partnership Agreement (CEPA). Carney stated that the two countries aim to finalize this trade agreement by the end of 2026. Prime Minister Modi stated that the goal is to increase bilateral trade to $50 billion by 2030, which will generate more investment and employment opportunities in both countries. Furthermore, several agreements were signed to enhance cooperation between the two countries in the areas of rare minerals, renewable energy, and cultural exchange.

The documents were exchanged between External Affairs Minister S. Jaishankar and Canadian Foreign Minister Anita Anand in the presence of the two Prime Ministers. Prime Minister Modi praised Carney for bringing new energy to India-Canada relations. Prime Minister Modi said, “Both countries share strong democratic values, respect diversity and are committed to the well-being of humanity.” Prime Minister Modi further said, “The main objective of the discussions was to transform these shared values ​​into a deeper and enhanced partnership.”

The two leaders expanded cooperation in the areas of renewable energy and climate change. Prime Minister Modi welcomed Canada's decision to join the International Solar Alliance and the Global Biofuels Alliance. On the subject of technology and innovation, Prime Minister Modi stated that India and Canada are natural partners. He noted growing cooperation in areas such as AI, quantum technology, supercomputing, and semiconductors.