Canada and India Near Landmark $2.8 Billion Uranium Deal

Canadian Premier Scott Moe and Prime Minister Mark Carney are optimistic about finalizing a $2.8 billion uranium supply deal with India. The potential agreement with Cameco Corp. would enhance Canada's trade diversification efforts away from the United States, as reported by The Globe and Mail.

The visit, also involving New Brunswick Premier Susan Holt, could address issues like Indian tariffs on Canadian agricultural goods. Moe indicated that a 10-year uranium supply agreement with India is imminent, which would be significantly larger than a 2015 agreement valued at $350 million.

Indian officials have expressed strong interest in Canada's energy resources. Devesh Patnaik, India's High Commissioner to Canada, mentioned opportunities for deals in minerals, rare earths, and energy products as India seeks diverse energy sources. An official announcement is expected before the visit concludes.

Carney aims to double Canada's non-U.S. trade within a decade, marking this trip as a crucial initial step. Talks are underway about a comprehensive trade agreement, potentially concluded within a year, with efforts to reduce Canadian agricultural tariffs.

Carney's India visit, including meetings with local business leaders and Prime Minister Narendra Modi, represents a significant shift in Canada-India relations. Diplomatic sensitivities remain, yet recent dialogues suggest improved collaboration following past tensions.