India-Canada ink uranium deal, pledge to conclude CEPA by year-end

Seeking to reset ties, India and Canada on Monday signed a landmark $ 2.6 billion uranium deal, agreed to fast-track negotiations on a Comprehensive Economic Partnership Agreement (CEPA) to increase bilateral trade to $ 50 billion by 2030 and launch a defence dialogue between them.

Apart from the uranium deal, the two nations inked seven pacts, including one on India-Canada-Australia cooperation for technology and innovation.

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‘’India and Canada strongly believe in democratic values. We celebrate diversity. The welfare of humanity is our shared vision. This vision inspires us to move forward in every area. Today, we also discussed how we can take this vision to the next level of partnership,’’ Prime Minister Narendra Modi said at a press interaction with his Canadian counterpart Mark Carney after wide-ranging talks between the two leaders.

The PM said India and Canada share the view that terrorism, extremism and radicalisation are challenges not for the two countries alone but for the entire humanity. ‘’Our deep cooperation against these challenges is essential for global peace and stability,’’ he added.

The Canadian leader is on a four-day visit to India at the head of a high-level delegation, which includes several key ministers and top business honchos. The visit is significant since this is the first trip by a Canadian PM since relations between the two countries touched a low in 2023 after the then PM Justin Trudeau alleged the involvement of Indian agencies in the killing of Khalistan supporter Hardeep Singh Nijjar. New Delhi termed the allegation as absurd and downgraded diplomatic ties.

It was in June 2025 that the two countries decided to take steps to repair the damage to the bilateral relationship with PM Modi accepting Carney’s invitation for the G-7 Summit hosted in Canada and holding a successful bilateral meeting with the Canadian leader on the sidelines.

According to official sources, the talks between the two leaders were cordial and they discussed all bilateral issues as well as global developments, including the developments in West Asia.

PM Modi also announced that Canada has invested $ 100 billion in India’s pension fund, reflecting India’s growth story. He said India and Canada are natural partners in innovation and this partnership will turn ideas into global solutions. The two countries, he said, will increase cooperation in AI, quantum, supercomputing and semiconductors.

The Indian leader said the MOU between the two countries on critical minerals will strengthen resilient supply chains. The two countries will also bring together startups and industries in the space sector.

People-to-people ties, Modi said, are the biggest strength of India-Canada relationship. ‘’Today we have taken important steps to strengthen this partnership.’’Announcements are also being made today for partnerships between universities for cooperation in AI, healthcare and innovation. We have also agreed that Canadian universities will open campuses in India,’’ he added.

In his remarks, the Canadian PM noted that there have been more engagements between India and Canada in the last one year than in the previous two decades combined. ‘’We are one family,’’ he said, pointing to the people-to-people linkages between India and Canada. Mr Carney said the two countries are launching a strategic energy partnership and also building a strong foundation in trade and defence. The two countries propose to conclude CEPA by the end of this year, he added.