Canada India Close to Seal Uranium Deal worth $2.8 billion
Canada India are close to finalizing a uranium supply deal worth approximately US$2.8 billion. This ten-year agreement, once finalized, will see Canada’s Cameco Corp. export uranium to India. As per the report, some terms are still being worked on and could change before the official announcement. The deal is a part of broader nuclear trade cooperation effort.
In the past too, India has entered into a trade agreement with Cameco as part of their 2015 agreement, when the company supplied India with the chemical valued at approximately US$350 million over five years. The contract in 2015 was signed during Modi's official visit to Canada, was enabled by the Canada-India Nuclear Cooperation Agreement (NCA) of 2013. However, the latest Canada exports of Uranium is likely not a renewal of the 2015 agreement.
Canada India Bilateral Trade Negotiations Restart Alongside Nuclear Talks
Canada India agreed to restart negotiations on a Comprehensive Economic Partnership Agreement (CEPA). The aim behind this bilateral trade negotiations as per India's Prime Minister's Office is to increase bilateral trade to $50 billion by 2030. Both sides also discussed areas such as technology, space, education, defence, and supply chains.
PM Narendra Modi and his counterpart Mark Carney met for a discussion on the sidelines of the G-20 summit in Johannesburg, South Africa, on Sunday. In this context, the centre said that the two countries agreed to restart stalled talks for a new nuclear trade deal, after discussions had paused following a diplomatic spat two years ago.
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