New Delhi: India and Canada took a major step forward in their relationship on Monday by signing a landmark uranium supply agreement worth $2.6 billion.
The agreement was signed during talks between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney at Hyderabad House in the national capital.
The uranium deal will help India secure a long-term supply of fuel for its civil nuclear energy programme.
Both leaders said the agreement would strengthen cooperation in clean and reliable energy.
They also agreed to work together on new technologies such as small modular reactors and advanced nuclear reactors.
Along with the uranium pact, India and Canada decided to speed up negotiations on a Comprehensive Economic Partnership Agreement, also known as CEPA.
Carney said both countries are aiming to finalise this trade agreement by the end of 2026. Prime Minister Modi added that the goal is to increase bilateral trade to $50 billion by 2030, which would create more investment and job opportunities in both nations.
Several Memorandums of Understanding were also signed during the visit. These included agreements on cooperation in critical minerals, promotion of renewable energy, and cultural exchange.
The documents were exchanged by External Affairs Minister S. Jaishankar and Canadian Foreign Affairs Minister Anita Anand in the presence of the two prime ministers.
Both sides also agreed on terms of reference for the Comprehensive Economic Partnership and signed an agreement to strengthen cooperation in the critical minerals sector. This cooperation is aimed at building strong and reliable supply chains for the future.
Prime Minister Modi praised Carney for bringing new energy to India-Canada relations.
“Both countries share strong democratic values, respect diversity, and are committed to the well-being of humanity,” PM Modi stated.
“The discussions focused on turning these shared values into a deeper and more advanced partnership,” Prime Minister Modi mentioned.
The two leaders also expanded cooperation in renewable energy and climate action. PM Modi welcomed Canada’s decision to join the International Solar Alliance and the Global Biofuel Alliance.
On technology and innovation, PM Modi said India and Canada are natural partners. The Prime Minister highlighted growing cooperation in areas such as artificial intelligence, quantum technologies, supercomputing, and semiconductors.
IANS
India, EU agree to grant each other MFN status for 5 years under trade deal
Mumbai: India and the European Union have agreed to give each other Most-Favoured-Nation (MFN) treatment for five years after their proposed free trade agreement (FTA) comes into force. The move...
Pentagon shuns Anthropic, picks OpenAI models in its classified network
New Delhi: The United States Department of Defense has decided to deploy OpenAI’s artificial intelligence models on its classified network, even as it distances itself from Anthropic over disagreements on...
AI will reshape jobs, not destroy them: Morgan Stanley
New Delhi: Fears that artificial intelligence will wipe out millions of jobs have unsettled workers and investors alike, but a new research note from Morgan Stanley suggests the long-term impact...
Rahul Gandhi urges Sitharaman to address ECHS fund crunch, scrap tax on disability pensions
New Delhi: Leader of Opposition (LoP) in the Lok Sabha, Rahul Gandhi, on Saturday wrote to Finance Minister Nirmala Sitharaman, raising concerns over what he described as serious funding gaps...
Developed nations knocking at India’s doors, says PM Modi on trade deals
New Delhi: Developed nations are eager to sign trade deals with India because a confident India is rising beyond doubt and despair, Prime Minister Narendra Modi said while addressing the...
PM Modi invites Israeli firms to explore investment, manufacturing opportunities in India
Tel Aviv: Prime Minister Narendra Modi has invited Israeli companies to explore opportunities in India to invest, manufacture and build technology partnerships, it was announced on Thursday. PM Modi, accompanied...
Rahul Gandhi reiterates demand to cancel trade deal with the US
Bhopal: Congress leader Rahul Gandhi on Tuesday launched a sharp attack on Prime Minister Narendra Modi, accusing him of "surrendering India's interests" to the United States under pressure for the...
India’s GDP growth likely to cross 8 pc in Q3 FY26 despite global headwinds: SBI report
New Delhi: India’s GDP growth in the third quarter of FY26 is likely to come at 8-8.1 per cent, an SBI Research report said on Tuesday, adding that the domestic...
Too early to comment on US tariff changes, Commerce Ministry reviewing situation: FM Sitharaman
New Delhi: Union Finance Minister Nirmala Sitharaman on Monday said it is too early to assess the impact of the recent tariff changes announced by the United States, adding that...
From Microsoft to Nvidia: Global firms announce massive AI bets on India
New Delhi: Global technology giants have pledged to invest hundreds of billions of dollars into artificial intelligence initiatives linked to India, as the country hosted a major AI summit that...
India’s UPI proves public digital model can surpass private networks: Report
New Delhi: India’s Unified Payments Interface (UPI), the world’s largest real‑time payments system, has proved that inclusion and scale can go together and that a "public, interoperable model can surpass...
US trade gap widens; India deficit at $58bn
Washington: The US trade deficit widened sharply in December, capping a year in which America’s goods gap with India reached $58.2 billion. The goods and services deficit rose to $70.3...
