Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney, on Monday, set a year-end target to complete the negotiations for the Comprehensive Economic Partnership Agreement (CEPA) between the two countries and agreed to deepen bilateral collaboration in the energy and critical mineral sectors.
“The two leaders welcomed the conclusion of a CAD $2.6 billion commercial agreement between Cameco and the Department of Atomic Energy for the long-term supply of uranium, contributing to India’s civil nuclear energy generation, clean energy transition objectives, and long-term energy security,” according to a joint statement issued after the summit.
Recognising their complementary strengths as energy powers, the two leaders agreed to advance the India-Canada Strategic Energy Partnership aimed at deepening long-term cooperation across the energy value chain.
“They underscored the shared commitment to enhancing collaboration across clean energy, conventional energy, civil nuclear energy, and critical minerals to promote affordability, sustainability, and economic growth,” according to a joint statement issued after the summit.
The leaders noted that strengthened institutional engagement would support expanded bilateral energy trade, including in liquefied natural gas (LNG), liquefied petroleum gas (LPG), crude oil, refined petroleum products, potash, and uranium supply offtakes.
New Delhi and Ottawa hope to increase bilateral trade to $50 billion by 2030, Indian Prime Minister Narendra Modi said during a joint media conference with his Canadian counterpart Carney, from nearly $9 billion in 2024-25. Both sides acknowledged the significant potential to further expand bilateral energy trade.
This includes increased oil and LNG imports by India from Canada, as well as the supply of refined petroleum products from India to Canada. In this context, Canada reaffirmed its plans to expand heavy oil export infrastructure and supplies of LNG to the Indo-Pacific market through Canada’s stated goal of producing 50 million tonnes of LNG per year by 2030 and up to 100 million tonnes by 2040.
The two leaders welcomed discussions between Indian public sector oil and gas companies and Canadian energy firms to expand bilateral cooperation in LPG. Both sides also reaffirmed support for greater private investment flows and long-term offtake arrangements including through tools, such as loans, financing, and equity investments to support commercially viable energy partnerships.