Prime Minister Narendra Modi on Monday announced a wide-ranging reset in India-Canada ties, unveiling plans for a new defence dialogue, a landmark long-term uranium supply agreement, and an ambitious target to raise bilateral trade to USD 50 billion by 2030.
The announcements came after PM Modi held talks with Canadian Prime Minister Mark Carney in Delhi, his first visit to India as Prime Minister. Both sides signalled a push to deepen cooperation across clean energy, critical minerals, defence, technology and trade.
“We are natural partners in technology and innovation,” PM Modi while addressing a press conference. “With the Canada-India innovation partnership, we will turn ideas into global solutions.”
Defence, nuclear energy and trade at the centre
Highlighting growing strategic trust, PM Modi said the two countries have decided to institutionalise defence engagement.
“The growing cooperation in the field of defence and security is a symbol of our deep mutual trust and the maturity of our relationship,” he said. “We will work to enhance Defence Industries, Maritime Domain Awareness and Military Exchanges. For this purpose, today we have decided to establish the India-Canada Defence Dialogue.”
On clean energy, the Indian PM welcomed Canada’s decision to join key global initiatives.
“We are pleased that Canada has decided to join the International Solar Alliance and the Global Biofuel Alliance. To further our shared efforts, we will hold the India-Canada Renewable Energy and Storage Summit this year,” he said.
In civil nuclear energy, the Prime Minister described the agreement on uranium supply as a milestone. “We have reached a landmark deal for long-term uranium supply. We will also work together on small modular reactors and advanced reactors.”
The two leaders also agreed to fast-track the Comprehensive Economic Partnership Agreement (CEPA). “Our goal is to reach USD 50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalise the Comprehensive Economic Partnership Agreement soon. This will create new investment and employment opportunities in both countries,” PM Modi said.
He noted that Canadian pension funds have invested USD 100 billion in India, calling it “a symbol of their deep belief in India’s growth story.”
Focus on critical minerals, AI and space
Several agreements were exchanged in the presence of both Prime Ministers.
Canada’s Minister of International Trade Maninder Sidhu and Union Commerce Minister Piyush Goyal exchanged documents of the Terms of Reference for CEPA and a Declaration of Intent on a Joint Pulse Protein Centre of Excellence.
Canada’s Foreign Affairs Minister Anita Anand and External Affairs Minister S Jaishankar exchanged documents on three MoUs covering critical mineral cooperation, promotion of renewable energy, and cultural cooperation.
Jaishankar and Sidhu also exchanged documents for a bilateral MoU between India, Canada and Australia on cooperation in technology and innovation.
“The MoU signed today on critical minerals will strengthen resilient supply chains,” PM Modi said. “In the space sector, we will connect startups and industries from both countries. In the energy sector, we are building a next-generation partnership, which will place special emphasis on hydrocarbons as well as renewable energy, green hydrogen, and energy storage.”
The Prime Minister thanked Carney for Canada’s contribution to the AI Impact Summit held in India last month. “We will enhance cooperation in AI, as well as quantum, supercomputing, and semiconductors,” he said.
Calling Carney a friend, PM Modi added, “There are very few people in the world whose CVs include central banking leadership in two countries. Since our first meeting, our relationship has been energised, mutual trust and positivity have blossomed.”
Welcoming Carney, PM Modi said the visit marked an important milestone. “I am delighted to welcome Prime Minister Carney to India. This is his first visit to India as Prime Minister. We view this as an important milestone… It is a privilege to welcome him with the same warmth today.”
Emphasising shared values, he said, “India and Canada have unwavering faith in democratic values. We celebrate diversity. The well-being of humanity is our shared vision. This vision inspires us to move forward in every field.”
The two leaders are also scheduled to meet business leaders from both sides, with PM Modi saying their suggestions would further strengthen economic engagement.