Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney have aimed to finalize negotiations for the Comprehensive Economic Partnership Agreement (CEPA) by the end of the year. The leaders have also agreed to enhance collaboration in the energy and critical mineral sectors. A significant CAD $2.6 billion commercial agreement between Cameco and the Department of Atomic Energy has been welcomed, focusing on long-term uranium supply for India’s civil nuclear energy goals.
Recognizing their strengths in the energy sector, the leaders plan to advance the India-Canada Strategic Energy Partnership to deepen cooperation across the energy value chain. This partnership aims to promote affordability, sustainability, and economic growth through collaboration in clean energy, conventional energy, civil nuclear energy, and critical minerals. India and Canada aspire to boost bilateral trade to $50 billion by 2030, a substantial increase from the current $9 billion.
Both countries acknowledge the potential for expanding energy trade, including increased oil and LNG imports by India from Canada. Canada is committed to expanding heavy oil export infrastructure and LNG supplies to the Indo-Pacific market. Discussions are underway for Indian and Canadian energy firms to enhance cooperation in LPG, with support for private investment flows and long-term energy partnerships.
The leaders emphasize the importance of reciprocal investment partnerships in the energy and natural resource sectors, with a focus on ongoing projects and emerging opportunities. They have signed agreements on critical minerals cooperation and clean energy, aiming to build secure and diversified supply chains. Collaboration will extend to investment in clean energy technologies and future-oriented industries, with a focus on critical minerals and energy transition pathways.
Canada’s goal to double electricity supply by 2050 and expand renewable energy deployment aligns with the shared vision for bilateral cooperation. The leaders also discuss space cooperation, including joint initiatives to integrate AI into space and aerospace technologies. By leveraging AI tools for space applications and healthcare, India and Canada aim to drive innovation and enhance technological sovereignty. Strengthening collaboration in agriculture and agri-food systems is also highlighted to improve food security, farm productivity, and supply chain resilience.
