India, Canada Seal Key Deals On Uranium, Critical Minerals; Eye $50 Billion Trade By 2030

Last Updated:March 02, 2026, 20:15 IST

A standout achievement of the talks was the landmark USD 2.6 billion uranium supply deal, which will support India’s growing civil nuclear energy sector.

India and Canada on Monday took significant step towards strengthening their bilateral ties by sealing crucial agreements on uranium supplies, critical minerals, and a broad economic partnership.

In a meeting, Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney agreed to finalise a Comprehensive Economic Partnership Agreement (CEPA), with a goal to boost trade to USD 50 billion by 2030.

A standout achievement of the talks was the landmark USD 2.6 billion uranium supply deal, which will support India’s growing civil nuclear energy sector. In addition, the two leaders discussed new collaborations in defence, technology, small modular nuclear reactors, renewable energy, and education.

Canada’s substantial reserves of critical minerals and rare earth materials will play a vital role in strengthening supply chains for clean energy, electric vehicles, and advanced manufacturing.

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In their joint statement, both leaders emphasised the importance of mutual trust and expanding cooperation. PM Modi highlighted Canada’s USD 100 billion investment in India’s growth, underscoring the deepening economic ties.

“Our goal is to reach USD 50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority," the Prime minister said, adding that the CEPA would create “new investment and employment opportunities in both countries".

Carney echoed PM Modi’s optimism, noting the strategic energy partnership and the critical minerals agreement, which will ensure secure and sustainable supply chains.

“Today, we are launching a strategic energy partnership with significant potential to expand bilateral energy trade," Carney said.

“We’ve signed a new critical minerals partnership spanning development, processing and secure supply chains for clean energy, electric vehicles and advanced manufacturing," the Canadian Prime Minister added.

Both leaders also stressed the importance of security and defence ties, including increased military exchanges and maritime cooperation. They also agreed to establish the India-Canada defence dialogue. Education and innovation were further areas of collaboration, with plans for Canadian universities to open campuses in India and partnerships in AI, healthcare, and agriculture.

(With inputs from PTI)

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