NEW DELHI: In a significant turnaround in bilateral ties, India and Canada on Monday signed a $2.6 billion long-term uranium supply agreement and a pact on critical minerals, marking a decisive rebound in relations between the two countries following a meeting between Prime Minister Narendra Modi and his Canadian counterpart, Mark Carney.
The agreements were part of a broader agenda that includes a new India–Canada Defence Dialogue and a commitment to conclude a comprehensive economic partnership by 2026, aiming to raise bilateral trade to $50 billion by 2030.
Addressing the media, PM Modi described the day as an “important milestone” and said, “Since our first meeting, our relationship has been infused with new energy, mutual trust, and positivity. India and Canada share an unwavering belief in democratic values… Today, we discussed transforming this vision into a Next Level Partnership.”
He highlighted Canada’s $100 billion investment in Indian markets as a strong indicator of confidence in India’s growth trajectory.
The two leaders also focused on critical minerals, with Modi noting that the pact will “strengthen resilient supply chains” and support technological and industrial collaboration. In defence, both sides committed to expanding cooperation, including maritime domain awareness, professional military exchanges, and enhanced defence industries.
“We will work to enhance defence industries, maritime domain awareness, and military exchanges. To this end, we have today decided to establish the India–Canada Defence Dialogue,” Modi said, underlining deep mutual trust.
PM Carney described the agreements as “not merely the renewal of a relationship, but the expansion of a valued partnership with new ambition, focus, and foresight… a partnership between two confident countries charting our own course for the future.”
Beyond energy and defence, the leaders pledged collaboration in technology, innovation, and education. Modi highlighted partnerships connecting startups, universities, and research institutes in AI, healthcare, agriculture, quantum computing, supercomputing, and semiconductors. Plans for Canadian universities to open campuses in India and joint initiatives in the AI sector were also announced, with Carney emphasizing cooperation in science and technology innovation.
The reset comes after years of strained relations under former Canadian Prime Minister Justin Trudeau.