India and Canada have marked a decisive reset in bilateral ties with the signing of a long-term uranium supply agreement, placing nuclear energy at the centre of a broader push to deepen trade and strategic cooperation.
This followed talks between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney in Delhi. At the core of the renewed partnership is an MoU inked with Canadian uranium producer Cameco to secure long-term supplies of nuclear fuel.
India’s energy demand is expected to double by 2050 as industrial growth, electrification and urbanisation gather pace. The MoU with Cameco will ensure predictable fuel supply as New Delhi ramps up atomic power generation, and this also includes work on small modular and advanced reactors.
Modi described the uranium arrangement as a “landmark” step in civil nuclear cooperation. The two sides also signalled intent to collaborate on advanced nuclear technologies.
For Canada, the agreement represents substantial commercial gains for its uranium industry and reinforces its position as a dependable supplier in the global clean energy transition.
Strategic Energy Partnership
Energy cooperation will extend beyond uranium. Carney announced the launch of a “strategic energy partnership” covering critical minerals, clean energy, liquefied natural gas and next-generation energy storage solutions.
As India fast-tracks manufacturing in electric vehicles, clean technology and nuclear infrastructure, access to minerals such as lithium and rare earth elements has become increasingly important.
Both sides also agreed to enhance collaboration in green hydrogen, renewable energy storage and hydrocarbons, signalling a comprehensive approach to energy security.
Trade Target $50 Billion
The two leaders expect to conclude talks by year-end on the Comprehensive Economic Partnership Agreement (CEPA). The broader objective is to scale bilateral trade to $50 billion by 2030.
“Our goal is to unlock the full potential of economic cooperation,” Modi said, adding that a finalised CEPA would create new opportunities for investment and employment in both countries.
Canadian pension funds have already invested heavily in India’s infrastructure and financial markets, reflecting growing investor confidence. Officials believe the new trade framework will further expand cooperation across manufacturing, agriculture, technology and services.
