New Delhi, March 2: India and Canada have signed a significant $2.6 billion uranium deal, marking a milestone in their economic partnership. The agreement was finalized on Monday at Hyderabad House in the national capital, in the presence of Prime Minister Narendra Modi and Canadian counterpart Mark Carney.
The uranium deal will ensure a long-term supply of fuel for India’s civilian nuclear energy program. Both leaders emphasized that this agreement will strengthen cooperation in the field of clean and reliable energy.
They also agreed to collaborate on new technologies, including small modular reactors and advanced nuclear reactors. Alongside the uranium agreement, India and Canada decided to expedite negotiations on a Comprehensive Economic Partnership Agreement (CEPA).
Carney stated that both countries aim to finalize this trade agreement by the end of 2026. Prime Minister Modi expressed the goal of increasing bilateral trade to $50 billion by 2030, which would create more investment and job opportunities in both nations.
Additionally, several agreements were made to enhance cooperation in rare minerals, renewable energy, and cultural exchange. Documents were exchanged between External Affairs Minister S. Jaishankar and Canadian Foreign Minister Anita Anand in the presence of both Prime Ministers.
Prime Minister Modi praised Carney for bringing new energy to India-Canada relations, stating, “Both countries share strong democratic values, respect diversity, and are committed to the welfare of humanity.” He further mentioned that the main objective of the discussions was to transform these shared values into a deeper and advanced partnership.
The leaders also expanded their cooperation in renewable energy and climate change. Modi welcomed Canada’s decision to join the International Solar Alliance and the Global Biofuel Alliance.
On the topic of technology and innovation, Modi noted that India and Canada are natural partners, highlighting the growing collaboration in areas such as AI, quantum technology, supercomputing, and semiconductors.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
