Canada and India signed a landmark uranium supply agreement Monday, with Saskatoon-based Cameco Corp. committing to deliver 22 million pounds of reactor fuel to India between 2027 and 2035 in a contract valued at $2.6 billion.
Prime Minister Mark Carney and Indian Prime Minister Narendra Modi formalized the deal at Hyderabad House in New Delhi, capping a four-day visit that produced five memorandums of understanding worth a combined $5.5 billion across energy, critical minerals, technology, AI, and defence.
“In civil nuclear energy, we have concluded a landmark deal for the long-term supply of uranium,” Modi said in a joint statement alongside Carney.
The broader package included a coal deal with BC-based Elk Valley Resources, a $155 million pharmaceutical investment by India’s Jubilant Pharmanova in Quebec, and an HCL Technologies commitment to expand AI centers across Canada — growing its Canadian workforce from 3,000 to 5,250. The two sides also agreed to cooperate on small modular reactors and liquefied natural gas.
On trade, Carney set a target of signing a Comprehensive Economic Partnership Agreement by December 2026. Modi said the goal is to grow two-way trade to $50 billion by 2030, up from roughly $9 billion in 2024-25.
Relations between the two countries cratered in 2023 when then-Prime Minister Justin Trudeau accused Indian government agents of killing Hardeep Singh Nijjar, a Canadian Sikh activist, on Canadian soil — an allegation New Delhi rejected as “absurd.” The fallout triggered a mutual expulsion of diplomats and a two-year freeze.
Carney began the reset after taking office, meeting Modi at the G7 in Kananaskis in June 2025 and again at the G20 in Johannesburg in November. Monday’s session — 35 minutes one-on-one, followed by 90 minutes of delegation talks — delivered the most concrete results yet.
Modi, who rarely holds press conferences, credited Carney directly: “I credit my friend Prime Minister Carney for the growing momentum in every area of cooperation.”
Carney departs Tuesday for Australia and Japan, continuing an Indo-Pacific trade push through March 7.
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