PM Modi holds bilateral talks with Mark Carney; both agree to terms of reference on economic partnership

The two nations inked a landmark deal on uranium, discussed and signed a MoU to promote use of renewable energy, and announced to work together on small modular reactors in the aspect of civil nuclear cooperation.

Prime Minister Narendra Modi and his Canadian counterpart Mark Carney, during the latter's visit to India, have agreed to soon finalise a comprehensive economic partnership agreement, a major aspect of the joint statement made on Monday by both leaders.

The two nations inked a landmark deal on uranium, discussed and signed a MoU to promote use of renewable energy, stated cooperation in critical minerals sector, and announced to work together on small modular reactors in the aspect of civil nuclear cooperation.

"We are pleased that Canada has decided to join the International Solar Alliance and the Global Biofuel Alliance. To further our shared efforts, we will hold the India-Canada Renewable Energy and Storage Summit this year. In civil nuclear energy, we have reached a landmark deal for long-term uranium supply. We will also work together on small modular reactors and advanced reactors," Modi said in a statement.

"We are natural partners in technology and innovation. With Canada and India innovation partnership, we will turn ideas into global solutions," he further said, as he thanked the Canadian Prime Minister for his contribution to the AI Impact Summit that took place in Delhi.

The two leaders also affirmed the goal is to reach $50 billion in trade by 2030, keeping economic cooperation at the core of their dialogue.

"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 finalise the Comprehensive Economic Partnership Agreement soon. This will create new investment and employment opportunities in both countries. Canadian pension funds have invested $100 billion in India. This is a symbol of their deep belief in India's growth story," Modi said.