PM Modi, Carney Seal Uranium Deal; Target $50 Billion In Bilateral Trade

Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney held bilateral talks in New Delhi on Monday, culminating in several key agreements aimed at resetting and strengthening ties between the two nations after a period of diplomatic strains.

The leaders sealed a landmark long-term uranium supply deal, under which Canadian company Cameco will provide nearly 22 million pounds of uranium ore concentrate to India's Department of Atomic Energy over a nine-year period starting in 2027. Valued at approximately $2.6 billion, the agreement supports India's expanding civil nuclear energy program and ambitions for clean, reliable baseload power. Both sides also committed to collaboration on small modular reactors and advanced nuclear technologies as part of a broader strategic energy partnership.

In addition to the uranium pact, the two countries signed multiple memorandums of understanding covering critical minerals cooperation, technology and artificial intelligence, talent mobility, culture, and defence. A new India-Canada Defence Dialogue was launched to enhance maritime domain awareness and overall security collaboration. The agreements, collectively worth billions, signal a comprehensive push to deepen economic and strategic ties.

A major economic highlight was the setting of an ambitious target to raise bilateral trade to USD 50 billion by 2030. Prime Minister Modi emphasized that unlocking the full potential of economic cooperation is a priority, with both leaders agreeing to expedite negotiations on a Comprehensive Economic Partnership Agreement (CEPA), potentially concluding it by the end of 2026. This trade-led framework is expected to create new investment and job opportunities while diversifying supply chains for both nations.

The talks come amid efforts to move past earlier tensions, including issues related to extremism and security concerns. Modi and Carney also addressed shared global challenges such as terrorism, radicalisation, and the need for stronger cooperation in clean energy and innovation. Carney's visit marks a significant diplomatic breakthrough, with invitations extended for future reciprocal visits to further consolidate the partnership.

Overall, the outcomes position India and Canada for a "next-level" relationship anchored in energy security, technology, and trade, with the uranium deal and trade target serving as cornerstones of this renewed engagement. Authorities from both sides will continue monitoring progress on these fronts in the coming months.

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