India, Canada Conclude $2.6 Billion Uranium Accord; Target 2026 Trade Pact

India and Canada advanced their strategic partnership on Monday by concluding a landmark uranium supply agreement valued at 2.6 billion US dollars.

The accord followed high-level talks between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney at Hyderabad House in New Delhi.

The long-term arrangement will guarantee a steady supply of uranium to fuel India’s civilian nuclear power programme.

Both leaders stated that the agreement will reinforce collaboration in the generation of dependable, clean energy.

They also committed to joint research and development in emerging nuclear technologies, including small modular reactors and advanced reactor systems.

In parallel with the uranium accord, both governments resolved to accelerate negotiations on the Comprehensive Economic Partnership Agreement, widely known as CEPA.

PM Carney confirmed that both sides aim to conclude the trade pact by the end of 2026.

PM Modi reiterated the ambition to elevate bilateral trade to 50 billion US dollars by 2030, a move expected to stimulate investment flows and employment generation in both economies.

Strengthening Economic Foundations

During the visit, officials signed multiple Memorandums of Understanding covering critical minerals, renewable energy cooperation and cultural exchange initiatives.

India’s External Affairs Minister S. Jaishankar and Canada’s Foreign Affairs Minister Anita Anand exchanged the documents in the presence of the two prime ministers.

Both countries also formalised the terms of reference for the CEPA negotiations and endorsed a separate framework to enhance collaboration in the critical minerals sector.

The initiative aims to establish resilient and reliable supply chains for strategic resources.

Prime Minister Modi commended PM Carney for injecting renewed momentum into bilateral ties.

He observed that India and Canada uphold democratic principles, celebrate pluralism and remain dedicated to global welfare.

Discussions focused on translating these shared convictions into a deeper and more comprehensive partnership.

The leaders broadened engagement in renewable energy and climate action.PM Modi welcomed Canada’s entry into the International Solar Alliance and the Global Biofuel Alliance.

He further described India and Canada as natural collaborators in advanced technologies, highlighting cooperation in artificial intelligence, quantum computing, supercomputing and semiconductor development.

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