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.

India secures long-term nuclear fuel supply from Canada

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.

CEPA talks to accelerate, trade target set at $50 billion by 2030

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)