ECONOMY
India, Canada ink $1.9-bn uranium deal, target $50-bn bilateral trade by 2030
- IBJ Bureau
- Mar 03, 2026
India and Canada will aim to conclude a free trade agreement (FTA) by the end of this year, Canadian Prime Minister Mark Carney has said.
Mr Carney is on his first visit to India and is seeking to move past years of diplomatic friction to get economic ties with India back on track.
New Delhi and Ottawa hope to increase bilateral trade to $50 billion by 2030 from nearly $9 billion in 2024-25, Prime Minister Narendra Modi has said during a joint media appearance with Mr Carney.
The two sides have agreed to the terms of reference on a comprehensive economic partnership, India’s External Affairs Ministry has said.
The two countries have also agreed on a Canadian $2.6-billion ($1.9 billion) uranium deal and will work on building small modular nuclear reactors and advanced reactors, both the countries have said. “In civil nuclear energy, we have concluded a landmark deal for the long-term supply of uranium,” Mr Modi has said.
The Indian government and Canada’s Cameco have signed a uranium supply agreement to support India’s nuclear ambitions and to work towards a clean, reliable base load power, Mr Carney has added.
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