Canada and India Strike Agreements on Rare Earth, Uranium
2 March 2026 2:35 PM IST2 March 2026 2:35 PM IST
India secures $2 billion uranium; target $50 billion trade by 2030
Prime Minister Narendra Modi, right, with Canadian Prime Minister Mark Carney during a joint press meet, at Hyderabad House in New Delhi, Monday, March 2, 2026. (PTI Photo/Shahbaz Khan)
New Delhi: After talks between Prime Minister Narendra Modi and visiting Canadian PM Mark Carney here on Monday, the two nations signed eight agreements, including a “landmark” one worth nearly $2 billion for long-term uranium supply from Canada for India’s civil nuclear energy programme. Another pact inked on critical minerals cooperation is set to “strengthen resilient supply chains”. The two sides made nine other announcements to strengthen bilateral ties as they embarked on a “next-level and next-generation partnership”. They also decided to clinch a Comprehensive Economic Partnership Agreement by the end of the year to strengthen trade ties, and also decided to increase bilateral trade to $50 billion by 2030. An economic and financial dialogue will also be launched, to be led by the two finance ministers. The two countries announced establishment of a bilateral Defence Dialogue, that is likely to discuss defence supply chains and a defence industrial partnership. Both sides also decided to begin a new maritime security partnership.
The pact on uranium supply will involve nearly 22 million pounds (or nearly 10 million kg) of uranium ore concentrate to be supplied from 2027-35 to India by Canadian firm Cameco. Modi said the two nations “will also work together on Small Modular Reactors and advanced reactors”. A joint statement said “the leaders 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”.
Both sides agreed on Canadian universities opening campuses in India. On the agriculture front, an India-Canada Pulse Protein Centre of Excellence will be established in India. Canada also said it was joining the India-led International Solar Alliance as well as the Global Biofuels Alliance and also decided to join the Indian Ocean Rim Association (IORA) as a dialogue partner. Welcoming this, Modi noted that Canada was an important partner for India in the Indo-Pacific.
At a special briefing later, MEA secretary (east) P. Kumaran said Carney’s visit and the talks between the two leaders had “consolidated normalisation of ties, restored strategic direction, instituted (bilateral) economic and security dialogues and positioned ties towards long-term expansion”.
Other pacts inked between the two nations included an India-Canada-Australia Trilateral MoU on cooperation in technology and innovation, and another enabling “fully-funded internships for up to 300 eligible Indian students annually for three years (beginning 2027) to undertake a 12-week fully-funded research internship under the supervision of Canadian academic institution faculty members in a variety of academic disciplines, from science, engineering, and mathematics to the humanities and social science”. Another pact was on renewable energy for “capacity building in the domain of energy storage, solar energy, wind energy, and biomass/bio-energy”.
Both sides also “agreed to deepen collaboration to address issues relating to violent extremism, terrorism, organised crime, including the illegal flow of narcotics and fentanyl precursors, cybercrime, extortion, financial fraud, trafficking and related criminal networks”.
Praising the Canadian PM, Modi said: “We see this (visit) as an important milestone. … Very few people in the world have the central banking leadership of two countries on their CV. Since our first meeting (in June 2025), our relations have been filled with new energy, mutual trust, and positivity. I credit my friend Prime Minister Carney for the growing momentum in every area of cooperation… Your visit has given new strength to every area of our cooperation. I once again heartily congratulate you for your deep commitment and vision to India”.
On shared values, he added: “India and Canada share an unwavering belief in democratic values. We celebrate diversity. The well-being 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.”
In his remarks, Carney hailed the “partnership between two confident countries that are chartering their own growth”. Hailing the Indian growth story, Carney acknowledged that “per capita incomes have risen (in India) on a scale never seen in history”, and praised India’s welfare schemes aimed at reaching the poorest sections of society. as he invoked Swami Vivekananda.
Talking about trade, Modi said: “Our goal is to reach $50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalize the Comprehensive Economic Partnership Agreement soon. This will create new investment and employment opportunities in both countries. Canada's pension funds have invested $100 billion in India. This symbolizes their deep belief in India's growth story.” On defence cooperation, he said: “Growing cooperation in the field of defence and security symbolises our deep mutual trust and the maturity of our relationship. We will work to enhance defence industries, maritime domain awareness, and military exchanges.”
( Source : Deccan Chronicle )
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