India, Canada Ink Uranium Deal, Set $50Bn Trade Target

New Delhi: Prime Minister Narendra Modi and his Canadian counterpart Mark Carney on Monday finalised a new framework to shore up ties that includes taking bilateral annual trade to $50 billion by 2030.

India and Canada also sealed key pacts on supplies of Uranium, critical minerals and vowed to soon conclude a comprehensive economic partnership agreement. Canada will support India's civil nuclear energy sector under the $2.6 billion uranium supply agreement.

The two leaders also pledged to ramp up cooperation in defence, critical technologies, small and modular nuclear reactors, education and renewable energy, as Modi termed the relations between the countries are now filled with new energy, mutual trust and positivity.

Modi said both sides agreed that terrorism, extremism and radicalisation are common and serious challenges not only for them but for all humanity. "Our close cooperation against these is crucial for global peace and stability," he added.

They also deliberated on the precarious security situation in West Asia, with PM Modi asserting that India supports the resolution of all conflicts through dialogue and diplomacy. "The current situation in West Asia is a matter of deep concern for us. India supports the resolution of all disputes through dialogue and diplomacy. We will continue to work with all countries to ensure the safety of all Indian citizens in the region," he said in a statement.

The major outcomes of the bilateral talks were their decision to expand trade relations, a move that comes amid Canada's increasingly frosty economic ties with the Trump administration. The fresh move to bolster ties came as part of ongoing efforts by both sides to reset ties that came under severe strain following a diplomatic row over the killing of a Khalistani separatist in 2023.

"Our goal is to reach $50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalise the Comprehensive Economic Partnership Agreement soon. This will create new investment and employment opportunities in both countries. Canada's pension funds have invested $100 billion in India. This symbolises their deep belief in India's growth story," Modi said.

Presently, the volume of two-way annual trade stands at around $13 billion. Canada is known for its significant reservoir of critical minerals and rare earth materials. Modi said the Memorandum of Understanding (MoU) on critical minerals will strengthen resilient supply chains. "In the energy sector, we are building a next-generation partnership, which will focus on hydrocarbons as well as renewable energy, green hydrogen and energy storage. In civil nuclear energy, we have signed a landmark deal for long-term uranium supply. We will also work together on small modular reactors and advanced reactors," he added.

The PM said the growing cooperation between the two countries in defence and security symbolises the deep mutual trust and the maturity of the relationship. "We will work to enhance defence industries, maritime domain awareness and military exchanges. To this end, today, we have decided to establish the India-Canada defence dialogue," he said.

He also highlighted the expansion of two-way ties in the education sector. "New partnerships between several universities in AI, healthcare, agriculture and innovation are being announced. We also agreed on Canadian universities opening campuses in India," he said.

The prime minister also made a mention of how India and Canada share an "unwavering belief" in democratic values. "We celebrate diversity. The well-being of humanity is the shared vision that inspires us to move forward in every field. Today, we discussed transforming this vision into a next-level partnership," he added.

Carney highlighted the future of India-Canada energy ties. "Today, we are launching a strategic energy partnership with significant potential to expand bilateral energy trade. We've signed a new critical minerals partnership spanning development, processing and secure supply chains for clean energy, electric vehicles and advanced manufacturing," he added.

"We're deepening our cooperation in clean energy, expanding collaboration across wind, solar and hydrogen, because Canada has big plans as well," he said.

Describing the uranium supply agreement as a reflection of shared commitment to clean and reliable energy, he said, "All of these agreements under one planet are the beginning of a new, prosperous relationship that will offer generational opportunities for workers and businesses in both their countries and which will protect the planet for future generations."

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