02 March,2026 06:41 PM IST | New Delhi | mid-day online correspondent
PM Narendra Modi with his Canadian counterpart Mark Carney in New Delhi on Monday. PIC/X
India and Canada on Monday concluded key agreements on uranium and critical minerals supplies and committed to expediting a comprehensive economic partnership agreement, as Prime Minister (PM) Narendra Modi and his Canadian counterpart Mark Carney unveiled a new framework to strengthen ties, including a target to raise annual bilateral trade to USD 50 billion by 2030, news agency PTI reported.
During wide-ranging discussions, the two leaders also agreed to enhance cooperation in defence, critical technologies, small and modular nuclear reactors, education and renewable energy. Modi said relations between the two countries are now marked by renewed energy, mutual trust, and positivity.
Under a USD 2.6 billion uranium supply agreement, Canada will support India's civil nuclear energy sector, PTI reported.
The PM said both sides recognised terrorism, extremism, and radicalisation as shared and serious challenges not only for India and Canada but for the entire world.
"Our close cooperation against these is crucial for global peace and stability," he stated.
The two PMs also reviewed the fragile security situation in West Asia, with Modi reiterating that India backs the resolution of all conflicts through dialogue and diplomacy, PTI reported.
"The current situation in West Asia is a matter of deep concern for us. India supports the resolution of all disputes through dialogue and diplomacy. We will continue to work with all countries to ensure the safety of all Indian citizens in the region," the PM said in his media statement.
A key outcome of the talks was the decision to broaden trade engagement, a move that comes as Canada faces strained economic relations with the Trump administration.
The renewed push to strengthen ties is part of ongoing efforts by both sides to reset relations that were severely strained following a diplomatic dispute over the killing of a Khalistani separatist in 2023.
"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," Modi said.
"Canada's pension funds have invested USD 100 billion in India. This symbolises their deep belief in India's growth story," he said.
Current two-way annual trade stands at about USD 13 billion.
The prime minister said the memorandum of understanding (MoU) on critical minerals would help build resilient supply chains. Canada is known for its substantial reserves of critical minerals and rare earth materials.
"In the energy sector, we are building a next-generation partnership, which will focus on hydrocarbons as well as renewable energy, green hydrogen and energy storage," Modi said.
"In civil nuclear energy, we have signed a landmark deal for long-term uranium supply. We will also work together on small modular reactors and advanced reactors," he said.
Modi said expanding cooperation in defence and security reflects deep mutual trust and the maturity of bilateral relations.
"We will work to enhance defence industries, maritime domain awareness and military exchanges. To this end, today we have decided to establish the India-Canada defence dialogue," he said.
The PM also underscored growing engagement in the education sector.
"New partnerships between several universities in AI, healthcare, agriculture and innovation are being announced. We also agreed on Canadian universities opening campuses in India," he said.
Modi also noted that India and Canada share an "unwavering belief" 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. Today, we discussed transforming this vision into a next level partnership," he said.
In his remarks, Carney referred to the future trajectory of India-Canada energy cooperation.
"Today, we are launching a strategic energy partnership with significant potential to expand bilateral energy trade. We've signed a new critical minerals partnership spanning development, processing and secure supply chains for clean energy, electric vehicles and advanced manufacturing," he said.
"We're deepening our cooperation in clean energy, expanding collaboration across wind, solar and hydrogen, because Canada has big plans as well," he said.
Carney said the uranium supply agreement demonstrates a shared commitment to clean and reliable energy.
"All of these agreements under one planet are the beginning of a new, prosperous relationship that will offer generational opportunities for workers and businesses in both their countries and which will protect the planet for future generations," he said.
Carney arrived in New Delhi on Sunday after a two-day visit to Mumbai, where he met industry leaders.
Amid strained trade ties with the Trump administration, Canada is seeking to build a stronger, more independent and resilient economy.
In recent months, India and Canada have taken steps to normalise ties.
Bilateral relations had deteriorated sharply after former Prime Minister Justin Trudeau in 2023 alleged a possible Indian link to the killing of Hardeep Singh Nijjar. India rejected the charge as "absurd".
In October 2024, India recalled its high commissioner and five other diplomats after Ottawa attempted to link them to the Nijjar case, and also expelled an equal number of Canadian diplomats.
However, Carney's victory as leader of the Liberal Party in the parliamentary election in April last year paved the way for efforts to reset ties.
Subsequently, both countries have appointed high commissioners to each other's capitals.
Last June, Modi travelled to Kananaskis, Canada, for the G7 summit, where he and Carney held extensive discussions on the sidelines aimed at rebuilding the relationship.
(With PTI inputs)
