India, Canada seal landmark uranium deal, target USD 50-bn trade

India and Canada on Monday concluded key agreements on uranium and critical minerals supplies and committed to expediting a comprehensive economic partnership agreement as Prime Minister PM Narendra Modi and his Canadian counterpart Mark Carney unveiled a new framework to strengthen ties including a target to raise annual bilateral trade to USD 50 billion by 2030 news agency PTI reportedAddressing the joint press meet with PM Mark Carney of CanadaMarkJCarney httpstcop0PVHPlw0kmdash Narendra Modi narendramodi March 2 2026During wideranging discussions the two leaders also agreed to enhance cooperation in defence critical technologies small and modular nuclear reactors education and renewable energy Modi said relations between the two countries are now marked by renewed energy mutual trust and positivityUnder a USD 26 billion uranium supply agreement Canada will support Indiarsquos civil nuclear energy sector PTI reportedThe PM said both sides recognised terrorism extremism and radicalisation as shared and serious challenges not only for India and Canada but for the entire worldOur close cooperation against these is crucial for global peace and stability he statedThe two PMs also reviewed the fragile security situation in West Asia with Modi reiterating that India backs the resolution of all conflicts through dialogue and diplomacy PTI reportedModiCarney talks India Canada set USD 50 bn trade target by 2030The 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 the PM said in his media statementA key outcome of the talks was the decision to broaden trade engagement a move that comes as Canada faces strained economic relations with the Trump administrationThe renewed push to strengthen ties is part of ongoing efforts by both sides to reset relations that were severely strained following a diplomatic dispute over the killing of a Khalistani separatist in 2023Our goal is to reach USD 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 soonSharing my remarks during the IndiaCanada CEOs Forum httpstcodAtRq5byeZmdash Narendra Modi narendramodi March 2 2026This will create new investment and employment opportunities in both countries Modi saidCanadas pension funds have invested USD 100 billion in India This symbolises their deep belief in Indias growth story he saidCurrent twoway annual trade stands at about USD 13 billionThe prime minister said the memorandum of understanding MoU on critical minerals would help build resilient supply chains Canada is known for its substantial reserves of critical minerals and rare earth materialsIn the energy sector we are building a nextgeneration partnership which will focus on hydrocarbons as well as renewable energy green hydrogen and energy storage Modi saidIn civil nuclear energy we have signed a landmark deal for longterm uranium supply We will also work together on small modular reactors and advanced reactors he saidModi said expanding cooperation in defence and security reflects deep mutual trust and the maturity of bilateral relationsWe will work to enhance defence industries maritime domain awareness and military exchanges To this end today we have decided to establish the IndiaCanada defence dialogue he saidThe PM also underscored growing engagement in the education sectorNew partnerships between several universities in AI healthcare agriculture and innovation are being announced We also agreed on Canadian universities opening campuses in India he saidModi also noted that India and Canada share an unwavering belief in democratic valuesWe celebrate diversity The wellbeing of humanity is our shared vision This vision inspires us to move forward in every field Today we discussed transforming this vision into a next level partnership he saidIn his remarks Carney referred to the future trajectory of IndiaCanada energy cooperationToday we are launching a strategic energy partnership with significant potential to expand bilateral energy trade Weve signed a new critical minerals partnership spanning development processing and secure supply chains for clean energy electric vehicles and advanced manufacturing he saidWere deepening our cooperation in clean energy expanding collaboration across wind solar and hydrogen because Canada has big plans as well he saidCarney said the uranium supply agreement demonstrates a shared commitment to clean and reliable energyAll 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 he saidCarney arrived in New Delhi on Sunday after a twoday visit to Mumbai where he met industry leadersAmid strained trade ties with the Trump administration Canada is seeking to build a stronger more independent and resilient economyIn recent months India and Canada have taken steps to normalise tiesBilateral relations had deteriorated sharply after former Prime Minister Justin Trudeau in 2023 alleged a possible Indian link to the killing of Hardeep Singh Nijjar India rejected the charge as absurdIn October 2024 India recalled its high commissioner and five other diplomats after Ottawa attempted to link them to the Nijjar case and also expelled an equal number of Canadian diplomatsHowever Carneyrsquos victory as leader of the Liberal Party in the parliamentary election in April last year paved the way for efforts to reset tiesSubsequently both countries have appointed high commissioners to each otherrsquos capitalsLast June Modi travelled to Kananaskis Canada for the G7 summit where he and Carney held extensive discussions on the sidelines aimed at rebuilding the relationshipWith PTI inputs