India and Canada took a major step forward in their bilateral ties on Monday by signing a landmark $2.6 billion uranium supply agreement during talks between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney at Hyderabad House in New Delhi.
The agreement will secure a long-term uranium supply for India's civil nuclear energy programme and strengthen cooperation in clean and reliable energy. Both leaders also agreed to collaborate on emerging nuclear technologies, including small modular reactors and advanced reactors.
Addressing a joint press meet, Prime Minister Modi said the growing cooperation in defence and security reflects deep mutual trust and the maturity of the relationship. He announced the establishment of the India-Canada Defence Dialogue and said both sides would enhance collaboration in defence industries, maritime domain awareness and military exchanges.
"We view this visit as an important milestone," PM Modi said, welcoming Carney on his first visit to India as Prime Minister. He noted that since their first meeting, bilateral ties have gained fresh momentum, with greater trust and positivity.
Alongside the uranium pact, both nations agreed to accelerate negotiations on the Comprehensive Economic Partnership Agreement (CEPA), aiming to finalise the trade deal by the end of 2026. PM Modi set a target of increasing bilateral trade to $50 billion by 2030, stating that the agreement would boost investment and create employment opportunities in both countries.
Canadian pension funds have already invested $100 billion in India, reflecting strong confidence in India's growth story, he added.
Several Memorandums of Understanding were signed during the visit, including agreements on critical minerals cooperation, renewable energy promotion, and cultural exchange. The two countries also agreed on terms of reference for CEPA and strengthened collaboration to build resilient supply chains in the critical minerals sector.
Expanding cooperation in clean energy and climate action, PM Modi welcomed Canada's decision to join the International Solar Alliance and the Global Biofuel Alliance. He also announced that an India-Canada Renewable Energy and Storage Summit would be convened this year, along with the establishment of an India-Canada Pulse Protein Centre of Excellence in India.
Highlighting technology and innovation as key pillars of the partnership, PM Modi said new university collaborations are being launched in artificial intelligence, healthcare, agriculture and innovation. Both sides also agreed on Canadian universities opening campuses in India.
Describing people-to-people ties as the driving force of bilateral relations, PM Modi said India and Canada share strong democratic values, celebrate diversity and are committed to the welfare of humanity. He added that discussions focused on transforming this shared vision into a next-level partnership.
(With inputs from IANS)
