India and Canada have signed a set of memoranda of understanding, including a long-term agreement for Canada to supply uranium to India for peaceful nuclear energy needs. The uranium deal is valued at about Rs 24,000 crore and is intended to run until 2035, with officials indicating it would help avoid fuel shortages for India’s nuclear reactors.
Canadian Prime Minister Mark Carney arrived in India on a four-day official visit and held meetings with business leaders in Mumbai before meeting Prime Minister Narendra Modi in New Delhi. The agreements were signed in the presence of the two leaders, who later addressed the media together.
Prime Minister Modi said the two countries aim to raise bilateral trade to Rs 4.5 lakh crore by 2030 and would prioritise deeper economic engagement. He added that efforts are under way to quickly finalise a comprehensive economic partnership agreement, which he said would boost investment and employment.
Modi also highlighted expanding cooperation in renewable energy, rare earth minerals, nuclear energy, technology and advanced research. He said India and Canada would work together on small modular reactors and advanced nuclear reactors, and broaden collaboration in artificial intelligence, including quantum computing, supercomputing and semiconductor manufacturing.
Prime Minister Carney said the past year saw unprecedented dialogue aimed at renewing ties, including multiple meetings between the two countries’ foreign ministers. He described the process as building a strong friendship between two trusted nations and said bilateral relations had deepened again.
