New Delhi: Canada and India have signed a major uranium supply agreement during a visit by Canadian Prime Minister Mark Carney to New Delhi, marking a significant step in restoring ties and strengthening economic cooperation between the two countries.
The agreement will allow Canada to supply uranium for India’s civilian nuclear energy programme, helping the country produce clean and reliable electricity as demand for power continues to grow. The deal is valued at about 2.6 billion Canadian dollars and involves Canadian uranium producer Cameco.
During talks with Prime Minister Narendra Modi, both leaders emphasized the importance of energy security, clean power and long term economic cooperation. India plans to expand its nuclear energy capacity to reduce carbon emissions and ensure stable electricity supply, while Canada sees the partnership as an opportunity to expand its global energy exports.
The two countries also agreed to speed up negotiations for a Comprehensive Economic Partnership Agreement aimed at boosting trade and investment. Officials said the goal is to raise bilateral trade to 50 billion dollars by 2030 from current levels of about 9 billion dollars.
Beyond energy cooperation, discussions covered critical minerals, technology partnerships, security dialogue and collaboration in advanced nuclear technologies.
Relations between Canada and India had cooled in recent years following diplomatic tensions in 2023. Carney’s visit is widely viewed as an effort to rebuild trust and reopen economic and strategic engagement.
Analysts say the uranium deal highlights India’s need for stable fuel supplies to support its growing energy needs, while Canada is seeking to diversify trade partnerships and strengthen its presence in the Indo Pacific region.
The agreement signals a renewed partnership focused on clean energy, economic growth and strategic cooperation between the two democracies.