Modi, Carney seal key uranium deal
New Delhi: In a sweeping reset of ties after years of diplomatic strain, India and Canada on Monday signed a landmark long-term uranium supply agreement and inked five key Memorandums of Understanding spanning critical minerals, renewable energy, technology, artificial intelligence, talent and culture, underscoring what both sides described as a renewed partnership anchored in “strong confidence and shared democratic values.”
The agreements were finalised following delegation-level talks between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney at Hyderabad House, culminating in a joint statement that laid out an ambitious roadmap to expand cooperation across strategic sectors and sharply scale up bilateral trade.
At the heart of the breakthrough is a 10-year, $2.6 billion agreement between the Government of India and Saskatoon-based Cameco for the supply of nearly 22 million pounds of uranium from 2027 to 2035 — a move that significantly bolsters India’s civil nuclear energy programme and energy security.
“In civil nuclear energy, we have reached a landmark deal for long-term uranium supply. We will also work together on small modular reactors and advanced reactors,” Modi said after the talks, describing the agreement as a decisive step in deepening strategic trust.
The two leaders also agreed to the Terms of Reference for a long-pending Comprehensive Economic Partnership Agreement (CEPA), confirming that chief negotiators had met in New Delhi and that both governments would move swiftly to conclude the pact this year.
The CEPA is expected to serve as the cornerstone of a trade expansion strategy aimed at lifting bilateral commerce to $50 billion by 2030, with Canada articulating an even more ambitious vision of more than doubling two-way trade to $70 billion within the same timeframe.
“Foundational to the Canada-India strategic partnership is strong, stable cooperation in trade,” officials said, as both leaders positioned the CEPA as a vehicle to unlock market access, diversify supply chains and harness complementarities between the two economies.
Energy cooperation emerged as a defining pillar of the reset.
The two countries announced a new Strategic Energy Partnership covering liquefied natural gas (LNG), liquefied petroleum gas (LPG), uranium, solar and hydrogen.
They welcomed two MoUs to intensify cooperation on critical minerals and energy sources, aimed at strengthening technical collaboration, promoting commercial engagement and diversifying supply chains for resources vital to clean energy technologies, electric vehicles, batteries and advanced manufacturing.
“The MoU signed today on critical minerals will strengthen resilient supply chains,” Modi said, adding that it would facilitate joint research, investment partnerships and greater private-sector participation in exploration and processing.
