Growing Cooperation in Trade and Energy
India and Canada are expanding their cooperation in trade, minerals, energy, and several key areas. Canadian media reported that both countries have struck a uranium supply deal worth $2.8 billion (around ₹25,000 crore). The agreement is likely to be finalized soon and will be valid for 10 years.
Cameco Corp, a uranium producer from Canada, will supply uranium to India under the nuclear cooperation framework between them. India had imported uranium from Cameco in the past when the two nations signed an agreement in 2015.
Leaders Discuss Trade and Nuclear Cooperation
During the G-20 Summit, Prime Minister Narendra Modi met his Canadian counterpart Mark Carney. The two leaders agreed to restart stalled trade negotiations and revive longstanding civil nuclear cooperation, according to India's Ministry of External Affairs. Confirming the discussion on uranium import, the ministry added that talks are underway.
Union Commerce and Industry Minister Piyush Goyal said that India and Canada are attempting to restart negotiations on a Comprehensive Economic Partnership Agreement. He added that the two countries have set an ambitious target of achieving bilateral trade of $50 billion by 2030.
Canada Signals Diplomatic Reset
In an interview with CBC News, Canadian Minister Anita Anand said her government is taking steps to improve diplomatic relations with India. She explained that ties weakened during former Prime Minister Justin Trudeau's tenure.
According to Anand, the new government proposes a staged implementation:
- Phase 1: Normalization of Diplomatic Relations
- Phase 2: Reappoint High Commissioners
- Phase 3: Have high-level discussions on bilateral trade and investment These steps constitute a gradual effort aimed at rebuilding trust and deepening cooperation between the two countries.
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