Kolkata: To move away from the fossil fuels India has been focusing on nuclear energy apart from green sources. Towards this end India signed a major deal with Canada for the supply of uranium worth $2.6 billion for India’s civil nuclear energy programme. Carney also said that talks are progressing and a Comprehensive Economic Partnership Agreement could be signed before the end of 2026. “We have reached a landmark deal for long-term uranium supply. We will also work together on small modular reactors arid advanced reactors,” Modi said in statement.
India and Canada want to grow bilateral trade to $50 billion by 2030. “Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalise the Comprehensive Economic Partnership Agreement soon. This will create new investment and employment opportunities in both countries,” said the PM. He also said that Carney deserved credit for boosting the bilateral ties
Partnership in various sectors
One of the highlights of the day was the signing of several MoUs etween the two countries. These pertained to a number of diverse sectors such as critical minerals coopération, renewable energy promotion and cultural exchange. In the discussions today a lot of emphasis was given to people-to-people ties. New university collaborations in Al, healthcare, agriculture and innovation were announced. It was also decided that some Canadian universities will open campuses on Indian soil.
Energy trade a focus area
Both Carney and Modi noted that strengthened institutional engagement would support expanded bilateral energy trade, including in liquefied natural gas (LNG), liquefied petroleum gas (LPG), crude oil, refined petroleum products, potash, and uranium supply offtakes. “In this regard, they welcomed the conclusion of a CAD $2.6 billion commercial agreement between Cameco and the Department of Atomic Energy for the long-term supply of uranium, contributing to India’s civil nuclear energy generation, clean energy transition objectives, and long-term energy security,” said an official statement.
Critical minerals
Critical minerals have become a focus area for major economies these days and an MoU was signed on Critical Minerals Cooperation today. It reflected the commitment of both nations to building resilient, secure, and diversified critical minerals supply chains. India had endorsed the G7 Critical Minerals Action Plan, which supports diversified and responsible production and supply of critical minerals and encourages investment and innovation in value chains essential for clean energy, advanced manufacturing, and technology. India’s stand was endorsed today.
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