India and Canada are reportedly on the verge of finalising a significant uranium-supply agreement valued at around USD 2.8 billion, marking a notable step forward in bilateral relations that had cooled over the past two years.

Key Highlights

• India and Canada move toward a $2.8 billion uranium deal, signalling revived trade discussions after diplomatic tensions.
• The proposed long-term agreement includes uranium supply from Cameco and aims to accelerate CEPA trade negotiations.

Under the proposed pact, which could span ten years, Canada’s mining giant Cameco Corp would supply uranium to India.

The timing of this development coincides with a high-level meeting between Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi at the G20 summit in Johannesburg, during which both leaders agreed to revive stalled trade negotiations.

Specifically, the two nations decided to restart talks on a long-pending Comprehensive Economic Partnership Agreement (CEPA), with an ambitious goal of doubling bilateral trade to about USD 50 billion by 2030.

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Despite the reports, neither the Indian nor Canadian governments have publicly confirmed the uranium-deal details, and third-party verification remains pending.

If the deal comes to fruition, it would signify more than just a commercial transaction: it would underscore a deepening of civil nuclear collaboration between India and Canada, and signal a thaw in relations after diplomatic tensions had impeded progress.