- Canada Uranium Supply to India under CEPA framework
- Modi Carney talks boost bilateral trade to 50 billion
Hyderabad: Canada Uranium Supply to India was agreed upon during high level talks between Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi at Hyderabad House. Canada has agreed to supply uranium and other key minerals to India. Both countries also decided to increase bilateral trade to 50 billion dollars by 2030.
To achieve this target, the two sides proposed signing a Comprehensive Economic Partnership Agreement. The free trade agreement is officially called the Comprehensive Economic Partnership Agreement. The trade ministers of the two countries, Piyup Goyal and Maninder Sidhu, signed a memorandum of understanding on the issues to be considered. They decided to finalize the details as soon as possible.
Canada will supply uranium worth 2.6 billion dollars for civil nuclear power. Prime Minister Carney said that the uranium agreement was signed for the sake of clean and reliable energy supply. Both countries described it as a landmark agreement. Meanwhile, Modi said that long term supply of uranium is a key issue. He also said that a comprehensive agreement will be signed to increase investment and job opportunities in both countries.
Currently, bilateral trade stands at 13 billion dollars annually. However, both sides decided to increase it significantly to 50 billion dollars by 2030. Modi said that Canadian investors in India have invested up to 100 billion dollars in pension funds. He called it a testament to their confidence in the country’s growth.
The two prime ministers also agreed to cooperate in the defense sector, key technologies, small and modular nuclear reactors, education and renewable energy. In addition, they discussed next generation technology in the energy sector. Modi said there will be cooperation in hydrocarbons, green hydrogen, energy storage, solar, wind power and electric vehicles.
He also highlighted agreements in the education sector. He said universities of both countries will partner in AI, health, agriculture and innovation. He revealed that Canadian universities can set up campuses in India. Meanwhile, the leaders also discussed the latest situation in West Asia. Modi suggested that problems should be resolved through consultations and diplomatic channels.
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