India, Canada Finalize $2.8B Uranium Deal
India and Canada are on the brink of finalizing a monumental $2.8 billion uranium export deal, showcasing a marked improvement in their diplomatic ties after a challenging period. This agreement, expected to last for 10 years, will see Cameco Corp supply uranium to India, potentially enhancing nuclear collaboration between these two nations.
Recent discussions between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney at the G20 summit in Johannesburg highlighted the importance of resuming talks on a free trade agreement. The two leaders are aiming to double bilateral trade to $50 billion by 2030, with this uranium deal being a critical step towards that goal.
The previous agreement signed in 2015 allowed Cameco to export uranium to India for approximately $350 million. However, the upcoming deal is a completely new arrangement, reflecting the evolving relationship between the two countries. The potential for collaboration extends beyond uranium supply, with discussions also focusing on developing small modular nuclear reactors and other nuclear power initiatives.
Additionally, the two prime ministers explored the Australia-Canada-India Technology and Innovation (ACITI) Partnership, which aims to strengthen trilateral cooperation in critical technologies, nuclear energy, and artificial intelligence. Such collaborations indicate a growing recognition of each other's strengths and the potential benefits of working together.
Despite recent tensions, particularly after the killing of Khalistani leader Hardeep Singh Nijjar in Canada, both nations seem committed to moving forward. While Canada raised concerns over alleged links to Indian government agents, India has firmly denied these claims, calling them absurd. This indicates a willingness to work through challenges to enhance mutual interests.
Overall, the uranium export deal is a promising development, reinforcing the foundation for a stronger partnership in various sectors, including trade, defense, education, and technology. With ongoing dialogues between law enforcement and national security agencies, the path towards a robust bilateral relationship seems bright.
