India, Canada Target Trade Pact by Year-End, Sign Uranium Supply Deal

India and Canada have agreed on the terms of reference for negotiations on a Comprehensive Economic Partnership Agreement (CEPA) as the two countries aim to conclude a free trade pact by the end of 2026. The announcement was made during the visit of Canadian Prime Minister Mark Carney to New Delhi, where he met with Indian Prime Minister Narendra Modi.

Both countries also set a goal to increase bilateral trade to $50 billion by 2030, up from around $9 billion in 2024–25. The agreement on the terms of reference will guide negotiations on the proposed economic partnership, outlining the structure and scope of discussions for the trade deal.

During the visit, India and Canada additionally signed a $2.6 billion uranium supply agreement, under which Canadian company Cameco will provide uranium to support India’s civil nuclear energy program. The two sides also agreed to cooperate on small modular reactors and advanced nuclear technologies, aimed at strengthening reliable and cleaner energy supply.

The talks mark an effort by both nations to reset bilateral relations, which had deteriorated in 2023 after diplomatic tensions linked to allegations surrounding the killing of a Sikh separatist in Canada. Carney’s visit to India is seen as part of a broader effort to restore cooperation and expand partnerships in areas such as trade, energy, critical minerals, agriculture, and clean energy.

By restarting trade negotiations and signing new agreements, India and Canada are seeking to strengthen economic ties and diversify trade partnerships, particularly amid shifting global trade dynamics.

Uranium supply plus a broader trade pact reshapes India's clean-power planning calculus - nuclear becomes a firmer piece of the 500 GW-plus-transition-fuel mix. Our energy-transition and market-intelligence teams help clients evaluate what shifting fuel-supply security means for long-term power procurement, storage investment and disclosure narratives under ISSB and BRSR.