India, Canada target $50B bilateral trade by 2030
Canadian uranium producer Cameco Corp has signed a C$2.6 billion (about $1.9 billion) agreement to supply nuclear fuel to India, marking a major outcome of Prime Minister Mark Carney’s first official visit to the country. Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney met in the Indian capital on Monday to chart what they described as a more ambitious and future-focused relationship between two major democracies.
Under the long-term contract, Cameco will deliver 22 million pounds (approximately 11,000 tonnes) of uranium to India between 2027 and 2035, according to the Canadian Prime Minister’s office. The pact is expected to support India’s expanding civil nuclear energy programme as it seeks to increase low-carbon power generation.
Beyond nuclear cooperation, Canada and India agreed to deepen collaboration in liquefied natural gas, critical minerals, solar energy and hydrogen — sectors seen as central to energy security and the global transition to cleaner fuels.
The agreement follows recent policy changes in India’s nuclear sector. Earlier this year, New Delhi moved to end the state monopoly over atomic power generation and eased liability provisions that had previously deterred private and foreign investment.
The talks, held at Hyderabad House, covered trade, clean energy, defence collaboration and education, with both leaders signalling that India and Canada are ready to move beyond incremental progress toward deeper strategic alignment.
At the heart of the discussions was a shared goal to lift bilateral trade to $50 billion by 2030 — a target that would substantially expand current commercial exchanges between the world’s fifth-largest economy and a G7 nation rich in natural resources and technology. They also agreed to step up cooperation in critical minerals - an area central to battery manufacturing, electric vehicles and next-generation industries.
In a move underscoring climate alignment, Canada will join the International Solar Alliance and the Global Biofuel Alliance. Modi announced that an India-Canada Renewable Energy and Storage Summit will be convened later this year to connect policymakers, investors and industry leaders in solar, wind, hydrogen and storage technologies.
Beyond economics, the leaders agreed to strengthen defence industrial cooperation and enhance coordination in maritime security, reflecting shared interests in a stable Indo-Pacific and Arctic environment.
