Carney, Modi announce “new partnership” including $2.6 bn uranium deal

March 2, 2026

RED FM News Desk

In a historic shift following years of diplomatic tension and allegations of foreign interference, Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi have announced a “New Partnership.” Meeting in New Delhi, the two leaders confirmed that their nations are starting a fresh chapter, headlined by the commitment to finalize a Comprehensive Economic Partnership Agreement (CEPA) within this calendar year.

Speaking after their meeting at Hyderabad House, Prime Minister Carney emphasized Canada’s strategy to diversify its trade portfolio and reduce economic reliance on the United States. The leaders have set an ambitious target to double bilateral trade to $70 billion annually by 2030. The CEPA, expected to be signed by December, aims to provide significant relief from heavy tariffs currently imposed on Canadian goods entering the Indian market.

Prime Minister Modi praised Carney’s leadership, stating in Hindi, “I credit my friend, Prime Minister Carney, for the growing momentum in every field of cooperation.”

The summit saw the signing of five Memorandums of Understanding (MOUs) worth a total of $5.5 billion, spanning energy, technology, AI, and defense. Key commercial highlights include:

Nuclear Energy: Saskatoon-based Cameco secured a massive $2.6 billion deal to supply 22 million pounds of uranium to India between 2027 and 2035.

Coal & Resources: B.C.-based Elk Valley Resources will sell 1.2 million tonnes of coal to India.

Pharmaceutical Investment: Indian firm Jubilant Pharmanova will invest $155 million to triple production at its plant in Quebec.

Agriculture: Saskatchewan announced the creation of a joint “Pulse Protein Centre of Excellence” with India.

Recognizing the cultural bridge provided by the 1.8 million people of Indian origin living in Canada, several academic initiatives were launched. Dalhousie University will partner with IIT Tirupati to establish an innovation campus, while the University of Toronto and McGill University plan to open Centers of Excellence in India. Furthermore, the University of Toronto announced a $100 million program to provide 200 full-funded scholarships for Indian students.

In the tech and space sectors, the Canadian Space Agency and ISRO will collaborate on quantum technology and space research. Additionally, Indian IT giant HCL Technologies confirmed it will open new AI centers in Calgary and Mississauga, further cementing the technological ties between the two G20 nations.