Prime Minister Narendra Modi met Canadian Prime Minister Mark Carney on Monday at Hyderabad House in New Delhi. The two leaders discussed ways to deepen ties and improve cooperation between India and Canada.
Both the leaders deliberated over the progress made under the India-Canada Strategic Partnership and spoke about expanding work in different sectors.
India, Canada announce $50 billion trade goal
Prime Minister Narendra Modi on Monday praised the progress in India-Canada relations under Carney. He said both countries now want to take their economic ties to a higher level and have set a target of reaching $50 billion in trade by 2030. He also shared that the two sides have agreed to work towards finalising a comprehensive economic partnership agreement soon.
Modi made these comments during a joint press statement with Carney in New Delhi on Monday.
“Today, we discussed transforming this vision into a next-level partnership. 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 finalize a comprehensive economic partnership agreement soon”, PM Modi said.
He said this step would create fresh investment and job opportunities in both countries. He also pointed out that Canadian pension funds have already invested 100 billion US dollars in India, calling it a strong sign of confidence in India’s growth story. He added that the Canadian pension funds have invested $100 billion in India which is a “symbol of their deep faith in India’s growth story”.
India-Canada Uranium Deal
After the talks, both PM Modi and Carney signed several agreements. One of the key deals focuses on cooperation in the critical minerals sector.
In the field of civil nuclear energy, the two sides reached a major agreement for the long-term supply of uranium from Canada to India. They also agreed to work together on small modular reactors and advanced nuclear reactor technology.
India and Canada also finalised the terms of reference for the proposed comprehensive economic partnership agreement, moving a step closer to sealing the trade deal.
Modi said both nations share a strong commitment to democratic values and respect for diversity. He added that their common goal is the welfare of humanity, and this shared vision will guide them as they take their partnership to a higher level across different sectors.
Canada to Join Solar, Biofuel Alliances; India Plans Renewable Summit
Prime Minister Narendra Modi announced that Canada will become a member of the International Solar Alliance and the Global Biofuel Alliance, strengthening cooperation in clean energy.
He said India and Canada will organise an India-Canada Renewable Energy and Storage Summit later this year to boost collaboration in green power and energy storage.
Modi also shared that the two countries have reached a key agreement for long-term uranium supply in the civil nuclear sector. In addition, they will work together on small modular reactors and advanced nuclear reactor technology to expand cooperation in clean and reliable energy.
India-Canada to strengthen defence cooperation, maritime cooperation
Prime Minister Narendra Modi said India and Canada plan to strengthen cooperation in defence manufacturing and improve coordination in maritime security.
The two leaders also spoke about stepping up joint efforts to fight terrorism. Modi said both countries see terrorism, extremism and radicalisation as serious threats, not just for them but for the entire world. He added that close cooperation between India and Canada is vital to protect global peace and stability.
Canadian Prime Minister Mark Carney said the two nations are shaping a new path for the future by expanding what he described as a valued partnership with bigger goals and fresh ambition.
“There has been more engagement between the Canadian and Indian governments in the last year than there has been in more than two decades combined. 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,” Mark Carney said.
Canadian Universities to open campuses in India
India and Canada have agreed on several new steps to deepen cooperation, with a strong focus on people-to-people connections.
Speaking to the media, Canadian Prime Minister Mark Carney said that personal and cultural links form the backbone of the relationship between the two countries. He announced fresh partnerships between Indian and Canadian universities in fields such as artificial intelligence, healthcare, agriculture and innovation.
Carney also said the two sides have agreed to allow Canadian universities to open campuses in India. He noted that Indigenous and tribal communities are an important part of the shared cultural history of both nations. To support this, the two countries have signed a memorandum of understanding to promote greater cultural exchange.
Spotlight on clean, renewable energy
Carney said India and Canada are starting a new strategic energy partnership that could greatly increase energy trade between the two countries. He explained that they are strengthening cooperation in clean energy and widening joint effort in wind, solar and hydrogen power.
Carney said Canada has major plans to expand its electricity grid and aims to double it by 2050, adding that India can play an important role in this growth. He described the new agreements, built around the idea of protecting the planet, as the start of a strong and lasting partnership. According to him, this relationship is expected to create long-term opportunities for workers and businesses in both countries while also safeguarding the environment for future generations.
Carney will also take part in the India–Canada CEOs’ Forum at Bharat Mandapam in New Delhi.