India Canada Uranium Deal Seals USD 1.9B Energy Pact

India and Canada have taken a big step forward in their energy cooperation with a USD 1.9 billion uranium supply deal that promises to be a cornerstone of stronger economic ties.

The agreement, officially inked on March 2, 2026, during Canadian Prime Minister Mark Carney’s visit to New Delhi, will supply India with nearly 22 million pounds of uranium over nine years, starting in 2027. This fuel will power India’s expanding nuclear energy program and support its clean-energy goals.

The uranium deal between India and Canada forms the heart of a broader push to reset and deepen bilateral relations, which had been strained in recent years. In the presence of Prime Minister Narendra Modi, Canada’s Cameco Corp signed the long-term contract on market-related pricing terms, cementing one of the largest energy cooperation agreements between the two nations in recent memory.

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Leaders from both countries underlined that this agreement isn’t just about fuel supply — it reflects renewed trust and a shared vision for energy security and economic growth. India plans to dramatically scale up its nuclear power capacity in the coming decades to meet rising energy needs and reduce carbon emissions, making a reliable uranium supply vital.

Alongside the uranium pact, India and Canada agreed to fast-track talks on a Comprehensive Economic Partnership Agreement (CEPA), aiming to wrap up negotiations by the end of 2026. The goal is to lift bilateral trade from around USD 9 billion today to USD 50 billion by 2030.

The discussions in New Delhi also produced several Memorandums of Understanding (MoUs) covering cooperation in critical minerals, renewable energy, and cultural exchanges, signaling a multi-sector push in the partnership. Renewable energy collaboration, including solar and hydrogen initiatives, was highlighted as key to both countries’ climate and economic goals.

Comparative Uranium Market Chart (2026)

Prime Minister Modi credited Carney with giving fresh momentum to India-Canada relations, calling the deals “a next level partnership.” Carney emphasized the strategic nature of the collaboration, noting that shared democratic values and growing economic ties set the stage for deeper engagement across defense, technology, and energy sectors.

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The India Canada uranium deal and broader set of agreements mark a clear shift toward cooperation after a period of diplomatic tension, positioning both countries to benefit from stronger trade, energy security, and shared clean-energy goals.