Pacts on uranium, critical minerals signed after Modi, Carney talks

Following bilateral talks with Modi, Carney said, “So this is not merely the renewal of a relationship, it is 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.”

Calling this an “important milestone”, Modi said, “Since our first meeting, our relationship has been infused with new energy, mutual trust, and positivity. I credit my friend, Prime Minister Carney, for the growing momentum in every area of cooperation.”

“India and Canada share an unwavering belief in democratic values. We celebrate diversity. The well-being of humanity is our shared vision. This vision inspires us to move forward in every field. Today, we discussed transforming this vision into a next level partnership,” he said.

Without mentioning the pro-Khalistan activities in Canada, Modi said, “We agree that terrorism, extremism and radicalisation are common and serious challenges not only for our two countries but for all of humanity. Our close cooperation against these challenges is crucial for global peace and stability.”

On trade, he said, “Our goal is to reach $50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalise the Comprehensive Economic Partnership Agreement soon. This will create new investment and employment opportunities in both countries.”

Carney said the target was to conclude the pact by the end of 2026. “We are advancing towards a Canada-India Comprehensive Economic Partnership Agreement, with the aim to conclude by the end of this year. This ambitious agreement will reduce barriers, increase certainty, unlock opportunities for exporters, investors and workers in both our countries, with the aim to double trade by the end of this decade.”

Modi said, “Canada’s pension funds have invested $100 billion in India. This is a symbol of their deep belief in India’s growth story.”

He said the pact on critical minerals will “strengthen resilient supply chains”. “In civil nuclear energy, we have signed a landmark deal for long-term uranium supply. We will also work together on small modular reactors and advanced reactors,” Modi said.

Carney said, “As India seeks access to critical minerals for its manufacturing, its clean tech and its nuclear plans, Canada’s resource base and world leading companies position it as a strategic partner. As one example, the nuclear agreement, the uranium agreement signed today… the fact that 40 per cent of the world’s mining companies are listed in Canada.”

On defence cooperation, Modi said, “Growing cooperation in the field of defence and security is a symbol of our deep mutual trust and the maturity of our relationship. 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.”

Carney said, “And we are renewing defence and security cooperation through a new Defense Partnership, through maritime collaboration in the Indo-Pacific through professional military exchange and practical coordination and cooperation on our shared security interests.”

On education cooperation, Modi said, “People-to-people ties are the driving force behind our relationship. Today, we took several important decisions to further strengthen them. New partnerships between several universities in AI, healthcare, agriculture, and innovation are being announced. We also agreed on Canadian universities opening campuses in India.”

In the space sector, he said they will connect startups and industries of both countries. “We are natural partners in technology and innovation. With the Canada and India innovation partnership, we will turn ideas into global solutions,” Modi said.

“I thank Prime Minister Carney for Canada’s valuable contribution to the success of the AI Impact Summit held in India last month. We will expand cooperation in AI as well as quantum, supercomputing, and semiconductors,” he said.

“In the energy sector, we are building a next generation partnership which will place special emphasis on hydrocarbons as well as renewable energy, green hydrogen, and energy storage.”

“We are pleased that Canada has decided to join the International Solar Alliance and the Global Biofuel Alliance. To advance our shared efforts, we will hold the India-Canada Renewable Energy and Storage Summit this year,” he said.

On agriculture ties, Modi said, “Value addition in agriculture, agri-technology, and food security are our shared priorities. To this end, an India-Canada Pulse Protein Centre of Excellence will be established in India.”

Stating that indigenous and tribal communities are an important part of shared cultural heritage, he said a pact has been signed to enhance cultural exchange.

Canada, Modi said, is an important partner for India in the Indo-Pacific. “We welcome their interest in becoming a Dialogue Partner in the Indian Ocean Rim Association. This will add new depth to our maritime cooperation,” he said.

Invoking Swami Vivekananda, Carney said, “More than a century ago, Swami Vivekananda spent time in both Vancouver and Winnipeg, and in his travels and his texts, he personified this maxim: Arise, awake and stop not till the goal is reached. With this partnership, we will advance, we will not stop, until the goals of Viksit Bharat 2047, and Canada Strong are reached. It moves us forward. It builds our prosperity. It builds for all, and it builds for a better world.”